Nykaa bags funding from Fidelity via secondary deal; investors exit partially

By VARINDIA - 2020-11-27

Nykaa bags funding from Fidelity via secondary deal; investors exit partially

Nykaa has announced to raise an undisclosed investment from Boston-based asset management firm Fidelity Management & Research. The funding has been made through a secondary transaction that facilitated partial exit to its early investors and exit for employee ESOPs.

 

In March this year, Nykaa had raised Rs 166 crores from Steadview Capital that valued the company at more than $1.2 billion. It recorded Rs 1,860 crores in revenues for FY20 with EBIDTA of Rs 94 crores. The company said its revenues are likely to grow at around 40 per cent on a consolidated basis for FY21. Nykaa’s revenue from operations jumped to Rs 1,159.32 crore in FY19 from Rs 555.10 crore in FY18 and had turned profitable in FY19 with Rs 2.3 crore in net profit.

 

The company had a growth rate of 78 per cent in FY19 compared to the preceding year, as per Statista. The digital beauty and personal care market in India is estimated at Rs 6000 crore with 6 per cent share in the overall market, according to RedSeer. The Indian cosmetics market is likely to grow from $6.5 billion in size in 2017 to around $20 billion by 2025 at a CAGR of 25 per cent while the global market will be around $450 billion by 2025.


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