Nykaa, the fashion and beauty products ecommerce upstart, has raised a fresh $14 million round from TPG Growth Capital. The round has valued Nykaa at $724 million, according to data from Paper.vc.

In terms of valuation changes, there is a steep 60% rise when compared with the company’s previous Series D round, raised last year. This fresh round values Nykaa at $724 million post-money, a 60% up from the $450 million from its last year’s Series D. The company had then $24 million in its Series D round last year, according to company filings.

In terms of sheer financial numbers, what the company has been able to achieve with rather smaller funding rounds has been remarkable. The company is already inching close to its a $1bn valuation mark.

“In the upcoming financial year, Nykaa will focus on bringing in newer fashion brands on its website, and we will expand our offline retail footprint across the country up to 45 stores,” a Nykaa spokesperson said. Currently, the company operates 35 offline stores across India.

Nykaa’s ecommerce vertical currently claims to list over 80,000 products across 700 brands. The platform is also available as a mobile app. The company sells skincare, make-up, hair care, bath & body, fragrances, luxury and wellness products for men and women. Interestingly, the company also has private label brands across categories like nail paints and fragrances to shower gels and make-up.

Nykaa’s previous investors include Sunil Kant Munjal, Chairman of Hero Enterprise, Yogesh Mahansaria, Harsh Mariwala, TVS Capital, and several other high net-worth individuals (HNIs).

According to data from Mint, for the year ended March 2018 (FY18), Nykaa posted revenue of ₹ 570 crore, up from ₹ 214 crore in the previous year. It posted a loss of ₹ 28 crore in FY18, down from ₹ 36 crore in the previous financial year.

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