Fidelity Invests in Indian Online Beauty Retailer Nykaa

Fidelity Invests in Indian Online Beauty Retailer Nykaa

 

Boston-based asset management firm Fidelity Investments Inc. has invested an undisclosed amount in beauty and fashion marketplace Nykaa through a secondary transaction. With this, it has provided a partial exit to early investors and employees, the e-tailer said on Thursday.

The investment comes after Nykaa raised ₹166 crore in a primary transaction from Steadview Capital in March at a valuation of $1.2 billion, with which the eight-year-old e-tailer turned unicorn.

The company said it had benefitted from the tailwinds caused by the pandemic, with consumers preferring to shop online from the safety of their homes.

This has allowed Nykaa to increase its share in the beauty market, the company said, without disclosing specifics.

Nykaa added that it had clocked revenue of ₹1,860 crore for the year-ended 31 March, and is expecting a 40% growth in consolidated revenue in the ongoing fiscal.

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