India: Beauty retailer Nykaa raises $24.4m in fresh funding

Nykaa, a retailer of beauty and fashion products, on Monday said it closed a new round of funding of Rs165 crore.

The funding is largely from existing investors, including Hero Group’s Sunil Munjal, and family offices of Harsh Mariwala and Dalip Pathak, the company said.

The latest deal is a mix of primary and secondary investment. Some early investors have also sold off their shares, but the company did not name the exiting investors.

Nykaa is backed by TVS Capital, Max Group and some prominent family offices and high-net-worth individuals. Mint reported talks of the potential fund raising in April.

The investment is largely meant to fund the company’s offline foray. Since opening its first retail store in 2015, the company has grown its presence with 17 stores, selling a curated collection of grooming and personal care products for men and women.

“The focus of Nykaa has always been customer centricity resting on curation, content and convenience. Advice, education and conversations with our customers are key elements of Nykaa’s philosophy… Through efficient technology and logistics, along with our omni-channel model we make sure we deliver the best shopping experience to every customer,” said founder and chief executive Falguni Nayar.

Nayar, formerly an investment banker with Kotak Mahindra Capital Co. Ltd, founded Nykaa in 2012.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.