Online beauty and personal care product retailer Nykaa is in talks with SoftBank to raise about $150-200 million. If the deal goes through, the Mumbai-based startup will be valued in the range of $700-800 million.
The company’s valuation was around $460 million (Rs 3000 crore at then exchange rate) during Rs 75 crore funding led by its existing investors in April this year.
Although Nykaa raked in Rs 165 crore in Series D round in May, it did not mention the valuation.
SoftBank and Nykaa have not confirmed the development reported by Mint.
The development comes a month after Nykaa raised Rs 113 crore from Lighthouse India Fund III via secondary share sales. The secondary share purchase also gave exit to its existing investor TVS Shriram Growth Fund.
Besides valuation, the fresh fund will help Nykaa to increase its footprint to 50 more offline stores and attain targeted 2.5X revenue in the next fiscal.
The firm had clocked Rs 570 crore in net revenue in FY18 as compared to Rs 214 crore during previous fiscal. Now, it expects to be profitable in the next fiscal.
Floated by Falguni Nayar, Nykaa offers makeup, skincare, hair care, fragrances, bath and body, luxury and wellness products for women and men. It claims to offer over 1,00,000 products across 850 brands on its platform.