Steadview Capital, the Hong Kong and London based hedge fund pumped in $13.19 million in Nykaa last month.

Online cosmetics and beauty products retailer Nykaa raised an additional $9 million from Steadview Capital. The Hong Kong and London based hedge fund had pumped in $13.19 million in Nykaa last month, which had valued the Mumbai-based start-up at about $1.2 billion.

Following the deal, Steadview Capital will be holding a 3 per cent stake in the Falguni Nayar-led firm. The capital infusion comes at a time when risk capital investment activity has almost ground to a halt because of COVID-19 pandemic across the globe.

In March last year, Nykaa had raised about $14.4 million from private equity fund TPG Growth. Prior to that, it had secured about $15.8 million from Lighthouse India Fund III Ltd, an affiliate of consumer-focused private equity firm Lighthouse Advisors, in September 2018.