TPG Growth invests in splendor products e-tailer Nykaa
Beauty e-tailer Nykaa has raised Rs one hundred crores ($14.4 million) in a sparkling round of investment from US-based personal equity company TPG Growth.
Nykaa will use the cash particularly to introduce more splendor brands, increase its physical retail stores across the USA and to construct its e-commerce business at the internet site and app, an organization announcement stated.
The company these days released Nykaa Man, its men’s grooming business, and Nykaa Pro, a portal for professional beauty customers. It is also increasing into the fashion business and has installed with a brand new website and app supplying over one hundred fifty manufacturers.
“As we search for new methods to serve our customers through initiatives like physical retail, Nykaa Man and Nykaa Fashion, our growth momentum will retain to stay sturdy within the coming years,” said Falguni Nayar, founder, and leader executive at Nykaa.Com.
Run with the aid of FSN E-Commerce Ventures Pvt. Ltd, Nykaa was based in 2012 with the aid of funding-banker-turned entrepreneur Nayar, who changed into a former dealing with the director at Kotak Mahindra Capital. The online marketplace sells merchandise across classes starting from skincare, hair care, fragrances, bathtub and body, and comfort products for each woman and men.
“With its omnichannel presence, exclusive brand partnerships, excessive client engagement, and properly-curated product traces, Nykaa have emerged as a disruptive pressure in the Indian beauty panorama in India,” stated Akshay Tanna on behalf of TPG Growth.
Financial services company Avendus Capital became the adviser to Nykaa on the transaction.
For the financial year 2017-18, the beauty e-tailer stated internet revenue of Rs 570 crore as compared to Rs 214 crore in the previous economic. It did now not divulge profit and loss figures but claims that it will turn profitable within the present day economic 12 months.
Since 2015, the company has been operating on an omnichannel version and presently has 17 shops throughout the united states in two codecs — Nykaa Luxe and Nykaa On Trend. The corporation also offers its own in-house splendor merchandise.
Nykaa has been increasing its offline presence within us of a and it pursuits to open 55 shops through March next year. It claims to offer over 850 manufacturers and 100,000 merchandise.
With manufacturers like M.A.C, Bobbi Brown, Clinique, Estee Lauder, and Smashbox Cosmetics on the net platform, the luxury vertical accounts for 15% of Nykaa’s overall revenue.
It raised capital from mid-marketplace personal fairness firm Lighthouse last September, paving the way for current investor TVS Capital Funds to make a go out.
In May 2018, it closed it’s Series D spherical of funding at Rs 165 crore ($24 million), receiving money from its current traders including Hero Group’s chairman Sunil Munjal, the own family workplaces of purchaser items maker Marico’s Harsh Mariwala and private equity investor Warburg Pincus.