Nykaa raises Rs 100 crore from existing investor Steadview Capital

Omnichannel lifestyle retailer Nykaa has secured Rs 100 crore in funding from its existing investor UK-based Steadview Capital as a primary investment.

This comes as the Mumbai-based cosmetic retailer scaled down operations, focussing only on daily essentials, amid countrywide lockdown on account of the Covid-19 outbreak.

"Please note we are only accepting prepaid orders for now on daily essentials," the company's website said.

"We have started deliveries to select pin codes in Mumbai, Pune, Delhi and Bangalore," Nykaa said customers may experience delays in delivery due to local constraints and it was working to restart deliveries in other cities.

 "We are very grateful to achieve this significant milestone. We deeply value the trust and support of our investors, customers and brand partners who have been instrumental to our success," said Falguni Nayar, founder and chief executive officer, Nykaa on the funding development.

"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 chief investment officer of Steadview Capital.

Nykaa was started in 2012 by Falguni Nayar. It has raised $93.3 million excluding the lastest fund infusion by Steadview Capital, according to data compiled by Crunchbase.