Beauty products E-tailer Nykaa raises $ 9.5 million

Nykaa, an online beauty and wellness retailer company based out of Mumbai, has raised close to Rs 60 crore ($9.5 million) from numerous investors, including the family offices of Marico Industries chairman Harsh Mariwala , Hexaware Technologies Ltd chairman Atul Nishar and private equity firm TVS Capital.

About 30 per cent of the fresh capital has come from the existing investors that had invested in Series A round of funding.
According to reports, Narayan Ramachandran, former country head of Morgan Stanley in India, will soon be joining the Nykaa board as the TVS Capital nominee.

Nykaa is founded by investment banker-turned-entrepreneur Falguni Nayar, who was earlier the Managing Director of Kotak Mahindra Capital Company.

With this new round of funding, Nayar plans to extend the product line-up and hire new talent and align its marketing strategies. Nayar also said confirmed that opening of new stores in Delhi, Mumbai and Bengaluru is also on the cards.

Nykaa claims to have sold 1.25 million products till now, with over 4 million visitors to the site every month. The company also plans to increase its gross merchandise value five-fold in the next financial year.

(With inputs from Agencies)

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