THE WHAT? Nykaa has welcomed Fidelity Management & Research on board as one of its investors, according to a report published by Livemint.
THE DETAILS The Boston-based asset management firm has invested an undisclosed sum in the Indian beauty and wellness retailer via a secondary funding round which will facilitate a partial exit of some of Nykaa’s early investors.
The investment follows a primary round in which Nykaa raised Rs166 crore in March, with Steadview Capital named as lead investor.
THE WHY? Nykaa’s expected 40 percent growth in consolidated revenue this financial year thanks to the ongoing e-commerce boom attributed to the pandemic has no doubt caught Fidelity’s eye. Falguni Nayar, Nykaa Founder and CEO, explains, “We are very excited to have Fidelity, one of the largest asset managers in the world, to join us as a partner in our growth journey. Nykaa’s focus on business sustainability and corporate governance further supports such strong investor confidence.”