Alternative asset manager Steadview Capital Management has invested Rs 1bn ($13.3m) in Nykaa, an India-based online cosmetics and wellness product retailer backed by conglomerates Max Group and TVS, Entrackr reported yesterday.
Nykaa is the owner of an online platform that sells items such as make-up, beauty appliances, fragrances, skincare, haircare and maternity products.
The company had originally targeted funding from investors including telecommunications and internet conglomerate SoftBank at a valuation of about $1.2bn according to Entrackr, but has suspended operations in the face of the Covid-19 pandemic.
Falguni Nayar, Nykaa’s founder and CEO of Nykaa, said: “We deeply value the trust and support of our investors, customers and brand partners who have been instrumental to our success.
“In the midst of this unprecedented global crisis we are working to ensure all our stakeholders are well served and that Nykaa emerges as a leading retail player in the industry.”
Nykaa had previously raised $80m in funding, most recently securing $14m from TPG Growth, a subsidiary of private equity group TPG, at a $724m valuation in April 2019.
TVS contributed $3.8m to a $9m series C round for the company in 2015 through its TVS Capital unit at a $75.5m valuation. It returned for a $15m round the following year that also featured Max Group subsidiary Max Group Ventures and Industries.
