Shaping its expansion plans the online beauty products seller Nykaa.com raised Rs. 20 Cr in a fresh funding round through private investors including HNIs and NRIs. The company said funding will help to boost the plans of the brand in the omni-channel retail space, including mobile. Strategically Nykaa.com aims to grow 4 times this year and another 3.5 times by 2016 with the capital raised. The former CEO and MD of Kotak Bank, Falguni Nayar, owned Nykaa.com.
The company said in a statement, “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.”
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.com intends to push its growth rate by 10 times by fiscal 2015 and is all set to retail offline with their first store set to launch at Terminal 3 – New Delhi Airport in mid-July.