Nykaa.com Successfully Secures US$3.3M Funding.
The beauty e-commerce portal from India and the creation of investment banker turned entrepreneur, Falguni Nayar. Nykaa.com has recently secured a total of US$3.3M through private investors which included HNIs (Hight Net Work Individuals) and NRIs (Non Resident Indians) in order to increase their expansion plans of the brand in the omni-channel retail space, including mobile.
With this recent Financial funding Nykaa.com main objective is to grow four times this year and another the and half times by 2016. The comapny raised is mostly to support Nykaa’s approach to straddle the online and offline space in beauty and e-commerce industry. It plans to use these fund to empower the brands marketing initiatives, introducing new technology and manage its inventory, which includes over 300 brands 10,000 SKUs (stock keeping units).
The CEO of Nykaa.com, Felguni Nayar, stated, “It is very encouraging to see the belief our investors have shown in Nykaa’s business model, and have solidly supported our growth plans. …while our focus is online, Nykaa will soon be embracing multiple channels in our approach such as desktop, mobile and brick-and-mortar. We aim to have seamless integration between these channels to cater to the young and savvy customers who demand unparalleled brand accessibility and availability. Our aim through 2014-15 will be to make Nykaa.com the number one e-retailer for multi-brand cosmetics.”
Nykaa.com is also moving into the offline retailing space with its first store set to launch at the Terminal 3 of New Delhi Airport mid-July. This store shall give consumers access to the top luxury cosmetics brands along with the option of placing orders online through interactive screens and creation tools.