Nykaa, an India-based beauty retailer backed by conglomerates Max Group and TVS Group, has added Rs 750m ($11.2m) to a funding round now sized at $25.5m, the Economic Times has reported.
The round, which values Nykaa at $449m, was co-led by private investor Dalip Pathak and the family offices of Sunil Munjal and Harsh Mariwala.
The company had initially raised $14.2m through primary and secondary transactions, enabling some existing investors to enlarge their stake while at least three others reduced their exposure, according to ET.
Nykaa runs an online e-commerce platform for beauty products that offers popular brands, discounts and advice from beauty experts. It also operates 17 brick-and-mortar stores and produces own-label products for third-party outlets.
The funding will enable Nykaa to extend its physical market presence to 55 stores by the end of the 2019 financial year, while enhancing its retail distribution channels to support own-brand revenue.
TVS Capital, the corporate venturing arm of industrial conglomerate TVS Group, contributed $3.8m to Nykaa’s $9m series C round in 2015, with the remaining cash provided by unnamed private investors and family offices.
Nykaa then raised approximately $15m in 2016, according to ET, across what appears to have been two tranches backed by TVS Capital, Max Group’s Ventures and Industries unit and individual investors Harsh Mariwala, Dalip Pathak and Sunil Munjal.