Mumbai based e-commerce portal that deals with wellness and beauty products, Nykaa, has raised an undisclosed amount in a fresh round. The investment was led by an unknown business family.
It aims to utilize the raised funds to extend its business and set up its first offline retail stores at Terminal 3 of New Delhi’s airport.
iamWire Take: Since last year, a number of startups and existing offline brands have made their foray into the online beauty and wellness industry and viceversa. This includes, Masticart, Beautykafe, Revlon, Bottega Di Lungavitta, etc.. This clearly indicates towards how bands are striving for an omni-channel presence. Beauty products in India currently make about a INR 25,000 Cr market, which is growing at 20% CAGR.
Nykaa.com, went live in later 2012 by entrepreneur Falguni Nayar and her banker husband Sanjay Nayar. Earlier, Nayars has personally invested USD 2 million in the firm and controlled roughly a 95% stake. The portal sells popular brands like Calvin Klein, Nautica, Espirit and Jagua .
“We have raised funds from investors. We will now grow more aggressively. We are targeting a turnover in excess of Rs 100-120 crore over the next two years and E-commerce is attracting a lot of traffic in the beauty space,” said Falguni Nayar. (As covered by Economic Times)
At present, the company claims to have 200 brands and more than 10000 products in the categories such as makeup, skincare, hair care, fragrances, bath and body and luxury products for women and men. The others e-commerce players are also included in this categories like Flipkart, Jabong and Myntra sells beauty and cosmetic products. (As reported by DealCurry)
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