Steadview Capital invests Rs 67 crore more in Nykaa

NEW DELHI: Asia-focused hedge fund Steadview Capital has invested a further ?67 crore in on-line magnificence retailer Nykaa, because the Ravi Mehta-led funding agency continues its deal-making spree this 12 months.
The newest capital infusion follows the Rs 100 crore Steadview Capital invested in the Mumbai-headquartered firm in April. That had valued the corporate at about $1.2 billion, in the method catapulting it into the unicorn membership, or these startups that command a valuation of not less than $1 billion.

According to paperwork filed by the eight-year-old firm, accessed by enterprise intelligence platform Tofler, FSN E-commerce Pvt Ltd, the guardian entity which owns and operates Nykaa, has allotted a further 1,09,986 fairness shares at Rs 6,049.56 per share to Steadview Capital Mauritius. Steadview Capital has now invested near Rs 170 crore in the corporate and holds a 3% stake in the enterprise.

Since January, the agency, which first got here into prominence in 2014 after it invested in India’s largest on-line retailer Flipkart, has backed wealth administration platform INDWealth, logistics Software as a Service firm Logi-Next, ed-tech enterprise Unacademy and fintech firm BharatPe, by means of a mixture of major and secondary offers.

The capital infusion comes at a time when threat capital funding exercise has virtually floor to a halt due to the unfold of the Covid-19 pandemic, which, in flip, has pressured vertical ecommerce corporations akin to Nykaa to preserve money, given the steep plunge in discretionary spending by customers.

The newest funding comes virtually a 12 months after the corporate, which was based by former service provider banker Falguni Nayar, closed a Rs 100 crore Series-E financing spherical led by TPG Growth, the mid-market funding arm of PE agency TPG Capital, valuing it at about $730 million on the time.

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