India-based beauty e-commerce platform Nykaa has secured Rs 820m ($12.3m) in funding from investors including corporate-backed investment firm TVS Capital Funds, Times of India reported on Monday.
The round, which valued Nykaa at $120m pre-money, was led by Sunil Munjal, a managing director of motorcycle and scooter manufacturer Hero Group, and included angel investors Harsh Mariwala and Da lip Pathak.
Nykaa runs an online platform that sells cosmetics and beauty products. It is expanding into segments like lingerie and men’s grooming and will use the funding to further pursue an omnichannel strategy.
TVS Capital Funds, which is solely sponsored by conglomerates TVS Group and Shriram Group, invested $3.8m as part of Nykaa’s last round, a $9m series C in September 2015 that took its overall funding to $12.4m.