27.11.2020, 13:37

Indian online beauty retailer Nykaa bags funding from Fidelity Investments

“Boston-based asset management firm Fidelity Investments has invested an undisclosed amount in beauty and fashion marketplace Nykaa through a secondary transaction. With this, it has provided a partial exit to early investors and employees, the e-tailer said on Thursday,” Mint reported.

Financial details of the round were not disclosed.

The latest round comes after Nykaa raised 1.66 billion rupees (US$22.5 million) from hedge fund Steadview Capital in March at a valuation of US$1.2 billion.

Founded in 2012, Nykaa operates both online and offline retail stores, offering makeup, skincare, hair care, fragrance, and personal care items, among others.

The company recently said it has benefited from people shifting to online shopping amid the pandemic, thus boosting the e-tailer’s market share in the beauty business.

It also unveiled that it recorded 18.6 billion rupees (US$252 million) in revenue for the year ended March 31. It is expecting a 40% growth in consolidated revenue in the ongoing fiscal year.

Nykaa’s competitor, cosmetics firm Plum, announced yesterday that it had raised 110 crore rupees (US$14.9 million) in a series B funding led by Faering Capital.

Currency converted from Indian rupee to US dollar: US$1 = 73.8 rupee.