Indian beauty and personal care startup Nykaa raises USD 13 million from Steadview Capital
Summary
Mumbai-based beauty and skincare startup Nykaa said Tuesday it has raised INR 100 crore (USD 13 million) in fresh funding led by existing investor Steadview Capital. This comes at a time when VC investments are expected to slow down due to the global spread of COVID-19 and investors are looking to back companies that offer essential services or products as the pandemic is likely to have an adverse effect on discretionary spending. The eight-year-old omnichannel company that sells beauty and skincare products through retail stores and its online platform, raised USD 14 million last year led by TPG Growth. Due to the 21-day lockdown announced last week to contain the spread of novel coronavirus in India, Nykaa has temporarily suspended all operations and informed its vendors and business partners that there would be a delay in payment. The company competes with vertical online platforms such as Purplle, MyGlamm, personal haircare brand Bare Anatomy, and Grofers’ private label Orange Something.