Nykaa, the India-based online cosmetics and wellness product retailer backed by conglomerates Max Group and TVS Group, has raised $14m from investment firm TPG Growth, Financial Express has reported.
Founded in 2012, Nykaa runs an e-commerce platform that sells branded beauty products in addition to providing a virtual makeover studio where users can experiment with potential purchases. It also produces own-label products and a bi-monthly magazine.
The company has increased its valuation to $724m in the round, according to regulatory filings seen by Paper.vc. It has now raised almost $80m altogether.
TVS subsidiary TVS Capital initially invested $3.8m in Nykaa as part of a $9m round in 2015 that included undisclosed private investors and family offices, and was among the investors that provided a total of $15m for it in 2016, alongside Max Group’s Ventures and Industries unit and various private investors.
The company subsequently secured $25.5m in an April 2018 round co-led by individual investor Dalip Pathak and the family offices of Sunil Munjal and Harsh Mariwala, before adding $16m from Lighthouse India Fund in September 2018.