India largest Omni channel beauty destination Nykaa has picked off a 100 crore rupees fund from the existing investor Steadview Capital.

The online beauty retailer late on Tuesday issued statement about this fresh funding which took place amid the Covid-19 crisis. While the whole world is at a standstill situation due to the novel coronavirus pandemic, the capital investment activities are also under the eclipse. This latest funding news came as a surprise for all vertical e-commerce companies

who have been sparingly using the cash they have owing to the decline in the orders placed by the consumers.

The new capital infusion also comes almost a year after the company, which was founded in 2012 by former merchant banker FalguniNayar, closed a Rs 100 crore Series E financing round led by TPG Growth, the mid-market investment arm of private equity firm TPG Capital, and which valued it at about $730 million at the time.Over the last 12-18 months, the company, which has often been referred to as the Sephora of India, had been aggressively expanding into newer categories, such as entering the men’s grooming segment, as well as launching Nykaa Pro, apart from aggressively expanding its offline retail presence as well.

Considering the impact Nykaa has made in the market, Ravi Mehta, founder of Steadview Capital, commented, “Nykaa has transformed the beauty industry in India and has established a very strong brand. We believe the company is poised for a strong growth trajectory in the years to come. The company’s focus on customer service and capital efficiency stands out in the Indian e-commerce space.”