Beauty and lifestyle retailer Nykaa got Rs 67 crore from its existing investor, Steadview Capital, where Steadview Capital will be hold 3% stake
The capital infusion comes at a time when risk capital investment activity has almost ground to a halt because of the spread of the Covid-19 pandemic across the globe, which, in turn, has forced vertical ecommerce companies such as Nykaa to conserve cash, given the steep plunge in discretionary spending by consumers.
Nykaa’s holding entity, FSN E-commerce Pvt Ltd, has allotted 1,09,986 equity shares at Rs 6,049.56 per share to Steadview Capital Mauritius Ltd to raise the aforementioned sum, said an ET report citing regulatory files accessed by Tofler.
Nykaa is pushing women-focused content on wellness, fitness, and DIY videos. It also helped the company to experience a 120% increase in watch time on the YouTube Channel.
For the financial year ended March 31, 2019, the company’s revenue rose to Rs 1,228.8 crore, Tracxn data shows, compared with Rs 578.08 crore in the previous fiscal year. Its post-tax loss narrowed to Rs 21.08 crore against a loss of Rs 28.18 crore.