Online fashion and beauty products retailer Nykaa is in early talks with Japan's SoftBank Group Corp. to raise about $150-200 million. If the deal goes through, Nykaa will be valued in the range of $700-800 million.
It will also be the first foreign investment into the Mumbai-based startup. So far, Nykaa has raised capital only from Indian funds and investors.
Founded by Falguni Nayar in 2012, Nykaa started as a multi-brand online beauty retailer but has since grown to offer products through a mobile app and even brick-and-mortar stores. The firm claims to sell over 80,000 products across 700 brands on its online portal. It further has about 20 offline stores.
Nykaa, run by FSN E-commerce Ventures Pvt Ltd, is selling make-up, skincare, hair care, fragrances, bath and body, luxury and wellness products for both women and men.
Nykaa earned Rs 570 crore in net revenue in FY18 as compared to Rs 214 crore during previous fiscal. In the current financial year, the company expects to more than double its revenue
After Paytm Mall, Policybazaar and Oyo, this will be SoftBank's fourth investment this year in the country.
