Nykaa.com, an online beauty products seller, raised Rs. 20 crores through private investors including HNIs and NRIs to boost the expansion plans of the brand in the omni-channel retail space, including mobile, the company said.
With this capital, Nykaa.com aims to grow 4 times this year and another 3.5 times by 2016, it said. It was founded by investment-banker-turned entrepreneur, Falguni Nayar.
“The capital raised is primarily to support Nykaa’s approach to straddle the online and offline space in beauty and ecommerce industry. Nykaa plans to use these funds to enhance the brand’s marketing initiatives, introduce new technology and manage their extensive inventory which includes over 300 brands and 10,000 SKUs.”
With projections to achieve 10x growth by fiscal 2015, Nykaa.com is also venturing into offline retailing with their first store set to launch at Terminal 3 – New Delhi Airport in mid-July. The store will give consumers access to the top luxury cosmetic brands along with the option of placing orders online through interactive screens and make-over tools, it said.
Falguni Nayar, CEO, Nykaa.com said, “Nykaa will soon be embracing multiple channels in our approach; such as desktop, mobile and brick-and-mortar. We aim to have seamless integration between these channels to cater to the young and savvy customers who demand unparalleled brand accessibility and availability.”
Nykaa claims to be India’s largest e-commerce retailer focused on beauty, offering the best and widest selection of beauty and wellness products.
It sells everything from Dove to L’Occitane.