Nykaa raises another round of investment from Boston’s Fidelity through a secondary transaction
- Beauty e-commerce unicorn Nykaa has raised another investment from the Boston-based asset management company Fidelity Management & Research Company.
- Earlier this year, Nykaa had raised funds similarly through secondary transactions from actresses Alia Bhatt and Katrina Kaif.
- In March 2020, Nykaa had raised ₹166 crore from Steadview Capital, one of its existing investors.
AdvertisementIndian beauty e-commerce unicorn Nykaa has raised funds from the Boston-based asset management company Fidelity Management & Research Company. The investment was made through a secondary transaction, which gave Nykaa’s previous investors a partial exit.
Through the investment, some of Nykaa’s employees also sold their ESOPs (Employee Stock Ownership Plan).
Earlier this year, Nykaa had raised investments similarly through secondary transactions from actresses Alia Bhatt and Katrina Kaif. In March 2020, Nykaa had raised ₹166 crore from Steadview Capital, one of its existing investors.
The investment had brought Nykaa a ticket to the unicorn club with a $1.2 billion valuation, having already raised over $100 million in total funding.
“We are very excited to have Fidelity, one of the largest asset managers in the world, to join as a partner in our growth journey. Their investment in a private company in India is testament to the strength of our brand and business model. Nykaa’s focus on business sustainability and corporate governance further supports such strong investor confidence,” said Nykaa Founder and CEO Falguni Nayar in a statement.
Nykaa’s profitability streak
With the rise in e-commerce sales despite the coronavirus lockdown, Nykaa expects its revenue to grow by 40% in FY21.
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