Beauty portal Nykaa raises Rs 22 cr from Max India arm, others
A Max India arm and some existing investors have pumped in close to Rs 22 crore into online beauty destination Nykaa.com taking its total funding this year to over Rs 104 crore, the ex-i-banker-turned entrepreneur Falguni Nayar founded startup said on Monday.
A Max India arm Max I. India, which again is a subsidiary of Max Ventures & Industries, along with existing investors on Monday agreed to pump in an additional Rs 21.8 crore into the portal, taking its total capitalisation to Rs 104.3 crore this year, the company said.
Earlier this year, Nykaa had raised Rs 82.5 crore through private equity and family offices of Sunil Kant Munjal, chairman, Hero Group, and the family offices of Harsh Mariwala and TVS Shriram growth fund. “This funding will help accelerate the business, increase the existing portfolio of brands by importing new labels, expand the brick-and-mortar footprint and strengthen its highly successful private label offering,” the company said.
Founded in 2012 by FSN E-Commerce Ventures, the holding company of Nykaa is spearheaded by Falguni Nayar along with a team of experienced professionals, the company follows an inventory-led model and offers over 450 international and domestic brands.
The multi-brand portal has a net revenue run rate in excess of Rs 300 crore, it claimed.