Nykaa on Tuesday said that it has raised ₹100 crore from existing investor hedge fund Steadview Capital as primary investment.

Started as an online beauty store in 2012 by Falguni Nayar, a former investment banker with Kotak Investment Banking, Nykaa today also has offline stores across the country.

“We deeply value the trust and support of our investors, customers and brand partners who have been instrumental to our success. In the midst of this unprecedented global crisis we are working to ensure all our stakeholders are well served and that Nykaa emerges as a leading retail player in the industry,” said Falguni Nayar, founder and CEO, Nykaa in a statement.

Last year in April, Nykaa had raised ₹100 crore in a Series E funding round led by TPG Growth, an investment fund of U.S.-based private equity major TPG Capital. According to reports, later in the same year, it raised another $30 million from Steadview Capital through a secondary share sale.

“Nykaa has transformed the beauty industry in India and has established a very strong brand. We believe the company is poised for a strong growth trajectory in the years to come. The company’s focus on customer service and capital efficiency stands out in the Indian e-commerce space,” said Ravi Mehta, founder and CIO, Steadview Capital.

Over the last few years, the beauty retailer has scaled up rapidly. The company’s net revenue grew from ₹214 crore in FY17 to ₹1,229 crore in FY19.

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