Online beauty brand Nykaa has raised $14.4 million from private equity firm TPG Growth Capital, according to reports.
The valuation post-funding has now gone up 60% to $724 million, up from $450 million. The startup was launched by a former investment banker Falguni Nayar in 2012 as an online store for beauty and fashion products. Later, retail stores were launched across India, similar to its competitors.
“In the upcoming financial year, Nykaa will focus on bringing in newer fashion brands on its website, and we will expand our offline retail footprint across the country up to 45 stores,” a Nykaa spokesperson said.
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Nykaa has said that it has over 80,000 products across 700 brands, listed on its online portal and mobile app at present. The categories it forays into include make-up, skincare, hair care, fragrances, nail paints, fragrances, bath and body, luxury and wellness products for women and men.
Nykaa’s previous investors include Sunil Kant Munjal, Chairman of Hero Enterprise, Yogesh Mahansaria, Harsh Mariwala, TVS Capital, and several other high net-worth individuals.
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