India’s answer to Jumei.com, Nykaa has announced plans to raise up to ₹50 crore from new and existing investors over the next month, according to The Hindi Business Line.
“We will close a fresh round of funding in a month. We are addressing a US$11 billion beauty and personal care market in India with our multi-brand offering Nykaa.com and hope to change the way Indians buy beauty and personal care products,” said Founder Falguni Nayar.
The multi-brand, multi-channel retailer raised ₹20 crore to open its first offline store in Dehli’s Terminal 3 last summer. Nykaa.com is now planning to launch its own private label in August. “We are very particular about product quality, authenticity and freshness, which has been well received by our customers and are comfortably placed to exceed our target of garnering ₹100 crore in sales by March 2016.”
Nykaa.com offers its 5 million registered users some 15,000 products from 300 international beauty brands, including Coty’s Calvin Klein, L’Oréal’s Garnier and Estée Lauder’s Aramis, as well as an e-magazine, live expert chat sessions and tutorials via its dedicated YouTube channel.