Online beauty marketplace Nykaa has raised Rs 113 crore from consumer-focused private equity manager’s Lighthouse India Fund III.
Existing investor TVS Shriram Growth Fund, which invested in Nykaa in 2015 and 2016 as part of the Series B and Series C fundraise, has exited the company. It has already raised raised $79.02 million.
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Founded in July 2012, Nykaa has been continuously expanding its offline presence in the country and offers over 850 brands and 1,00,000 products. It has also added new verticals like Nykaa Man, Nykaa Design Studio and Nykaa Network.
On the funding, Falguni Nayar, founder and CEO, Nykaa, said, “We are excited to welcome Lighthouse to our shareholder base as we launch into our next phase of growth. We believe they will bring to bear their expertise in the retail sector propelling Nykaa to even greater heights. As we add new verticals and product categories we will continue to build on meaningful experiences that engage and delight our customers.”
The company last raised Rs 165 crore in Series D funding to help its growth capital and expand its retail footprint. It further aims to fuel its plans towards expanding its offline presence from 17 stores currently to about 55 stores by the end of the current financial year.
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Sean Sovak, co-founder of Lighthouse, said, “We are truly thrilled to become a shareholder in Nykaa. What Falguni and team have created is nothing short of brilliant, completely disrupting the personal care market in India, by focusing on ease of access and superior customer experience. We are excited by the opportunity ahead for the company.
In financial year 2018, Nykaa’s net revenue was Rs 570 crore an increase from Rs 214 crore a year earlier.