Back to Back Funding from Steadview Capital
Nykaa recently raised 67 crore rupees from its existing investor, Steadview Capital (1). These fresh fundings are different from 100 crores it received from the same investor in the previous month.
According to the filings in MCA, the fashion and beauty ecommerce platform’s parent FSN E-commerce Ventures has issued over 1,09.986 equity shares, at the price of 6,049.56 INR/share. They have released the Nykaa is share to Steadview Capital Mauritius Ltd on the 28th of April.
The venture has invested around 170 crore rupees on e-commerce fashion and makeup giant with its latest fundings. According to the ET report, Steadview Capital now owns over 3% shares of Nykaa. Steadview Capital has invested in various other companies besides Nyka, including Flipkart, INDWealth, LogiNext, Unacademy, BharatPe, and many others.
Nykaa previously also raised around 100 crore rupees from TGP Growth, an American private equity firm. The value of the company as of April 2019 was 724 million dollars post the fundings. Previous to that, it also raised over 113 crore rupees from Lighthouse India Fund III, a customer-focused private equity manager.
More About Nykaa
Nykaa is an e-commerce giant for beauty and wellness products, founded by Falguni Nayar in the year 2012. The company started growing its presence in the company by opening physical stores across major cities from 2015. Now the giant houses various luxury brands, including Tom Ford, Jo Malone, London, Dior, and Givenchy.
The market of beauty and personal care products is to cross 3,5 billion dollars by 2022, according to a report of RedSeer Consulting. It makes Nykaa, a strong competitor, against Purplle and Scentials and other similar companies.
Nationwide lockdown amind COVID-19 pandemic has shut off all the physical stores of Nykaa. There are also various restrictions the government has imposed on e-commerce platforms except for the delivery of essential products. Hence, Nykaa is coming back in with new strategies in the market in lockdown 3.0. The government of India is now allowing the delivery of non-essential items as well in green and orange zones.
As per the latest statement released by Falguni, Nykaa is working hard to ensure that all its stakeholders are getting maxim returns while emerging as a leading player in the market.
The latest fundings from Steadview Capital will ensure the company to relieve the impact of losses due to the nationwide lockdown. Meanwhile, Scentials has also received two crores and one crore rupees funding from Ambiga Subramanian and Goutham Ekollu, respectively.