TVS Capital, the corporate venturing arm of industrial conglomerate TVS Group, is set to invest in a Rs 600m ($9m) series C round for India-based beauty products retailer Nykaa, Live Mint has reported.
TVS will inject $3.8m, with the remaining cash provided by unnamed private investors and family offices. The round values the company at $75.5m, a fivefold increase since its previous round in July 2014.
Founded in 2012, Nykaa operates an e-commerce platform that sells beauty and personal care products such as hand creams, tampons, perfumes and shampoos. The company also runs a physical store at Delhi’s airport, opened at the time of its series B round.
Nykaa is looking to add more stores and is considering Mumbai and Bangalore’s airports as possible locations. It hopes to secure Indian distribution rights for a global beauty brand and plans to also create its own branded products.
The company previously raised $3.4m from undisclosed private investors in July 2014. Founders Falguni Nayar and Sanjay Nayar have also invested $2m in Nykaa.