TPG Growth invests in Nykaa

Beauty e-tailer Nykaa has raised $14.4 million (Rs 100 crore) in a fresh round of funding from US-based private equity firm TPG Growth.

Nykaa will use the money mainly to introduce more beauty brands, expand its physical retail stores across the country and to build its e-commerce business on the website and app, a company statement said.

The company recently launched Nykaa Man, its men′s grooming business, and Nykaa Pro, a portal for professional beauty consumers. It is also expanding into the fashion business and has established with a new website and app offering over 150 brands.

Falguni Nayar, founder and chief executive, Nykaa, said: “As we look for new ways to serve our customers through initiatives like physical retail, Nykaa Man and Nykaa Fashion, our growth momentum will continue to remain strong in the coming years.”

Akshay Tanna of TPG Growth said: “With its omnichannel presence, exclusive brand partnerships, high consumer engagement and well-curated product lines, Nykaa has emerged as a disruptive force in the Indian beauty landscape in India.”