Beauty products e-tailer Nykaa expects fourfold increase in GMV at Rs 350 crore this year

Till date, the four-year old company has raised over Rs 160 cr in three rounds of funding

Online beauty products retailer Nykaa's gross merchandise volume (GMV) is expected to grow more than four times at Rs 350 crore in the current year from Rs 80 crore in the last fiscal year, according to its founder and CEO Falguni Nayar.

Nykaa also has two physical stores in Mumbai and each in New Delhi and Bengaluru. It is finalising plans to open 30 stores across the country by 2020. The e-tailer would add 20 new brands in the luxury offerings category, she said.

Till date, the four-year-old company has raised over Rs 160 crore in three rounds of funding from India funds and few high net worth individuals (HNIs) of the country.

On the profitability front, Nayar said, "The company would touch the break-even point by mid 2017. With the increased beauty consciousness among people, Indian beauty and hygiene market is estimated to reach $18 billion by 2020, and 20 per cent of this could be the share of e-commerce players."

The Mumbai-headquartered firm has a turnover scaled at Rs 250 crore up to now during this fiscal. This multi-brand portal is also planning to launch its own private label portfolio soon.