Leading multi-brand beauty retailer Nykaa has reportedly raised Rs 100 crore from private equity firm TPG Growth, a deal that is expected to take Mumbai-based company's valuation to more than Rs 5,000 crore, a media report said.
Nykaa founder and CEO Falguni Nayar has said that the company is looking to push its new initiatives like Nykaa Man and fashion and apparel categories, The Economic Times reported. She also added that Nykaa will expand offline stores from 35 at present to 70 by March 2020.
Nykaa spokesperson told Mint that the company, in the upcoming financial year, will focus on bringing in newer fashion brands on its website. The multi-brand beauty retailer claims to have more than 80,000 products across 700 brands, listed on its online portal and mobile app.
In April 2018, Nykaa had raised Rs 75 crore from its existing investors including Hero Enterprise chairman Sunil Munjal’s family office, consumer goods maker Marico’s Mariwala family office, and Dalip Pathak, a special limited partner at private equity firm Warburg Pincus.
In September last year, Nykaa had announced its plans to launch an initial public offering (IPO) by 2020. “We are already on a path to prepare for an IPO. Before IPO... you need to be formally run and follow a bunch of processes. We also have appointed KPMG as our internal auditor. It (IPO) will happen by calendar 2020,” Nayar had said.
Nykaa had reported a revenue of Rs 570 crore in 2017-18. At present, physical stores contribute below 10 percent to the online beauty retailer’s revenue. The company, which at present has 22 outlets across the country, plans to open 180-200 stores in the next 4-5 years.
By bringing brands like M.A.C, Bobbi Brown, Clinique, Estee Lauder and Smashbox Cosmetics online, it was the first to make luxury beauty available to its customers.
Nykaa was also the first to introduce cult beauty brands like Huda Beauty, Wet n Wild and NYX Cosmetics to the Indian market.
With agency inputs
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Updated Date: Apr 01, 2019 15:25:21 IST