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Nykaa targets $1.2 billion valuation in funding round planned this year

The purpose of this round is to set a price before coming up with an initial public offering over the next few years, sources have said.

March 09, 2020 / 02:03 PM IST

Beauty and fashion retailer Nykaa is eyeing a valuation of around Rs 9,000 crore ($1.2 billion) in a fundraise planned later this year, three sources have said.

The plan comes on the back of two successful rounds in the previous year, with the second round giving the Mumbai-headquartered company the coveted billion-dollar valuation (about Rs 7,000 crore), making it the newest unicorn in the country.

“Nykaa will raise a round valuing it at Rs 9,000 crore this year, although they are still finalising how much they will raise. The purpose of this round is to set a price (valuation) before an initial public offering (IPO) in the next few years,” said one of the persons cited above.

The company said in April 2019 it raised $14 million led by private equity firm TPG Growth. Later in the year, led by hedge fund Steadview Capital, it raised another $30 million via a secondary share sale by acquiring stakes of existing investors, the sources who wanted to remain anonymous said.