Nykaa raises Rs 100 crore from Steadview Capital

Nykaa, an omnichannel retailer, on Tuesday said it has raised Rs 100 crore from Steadview Capital at an undisclosed valuation.

Steadview is already an investor in the company started by Falguni Nayyar, an investment banker turned entrepreneur.

This is a primary investment by Steadview in the nearly eight year-old venture and comes amid concerns over economic growth following the full lockdown in India due to the COVID-19 pandemic.

"In the midst of this unprecedented global crisis, we are working to ensure all our stakeholders are well served and that Nykaa emerges as a leading retail player in the industry," Nayyar said.

"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 ecommerce space," Steadview'sfounder and chief investment officer Ravi Mehta said.