Steadview Capital, an Asia-focused hedge fund, announced it has invested an additional Rs 67 crore in online beauty retailer Nykaa. Till now, the firm has invested close to Rs 170 crore in the company and holds a 3% stake in the venture.
The latest capital infusion follows the Rs 100 crore investment Steadview Capital made in the Mumbai-headquartered company in April.
According to documents filed by the eight-year-old company, accessed by business intelligence platform Tofler, FSN E-commerce Pvt Ltd, the parent entity which owns and operates Nykaa, has allotted an additional 1,09,986 equity shares at Rs 6,049.56 per share to Steadview Capital Mauritius Ltd.
Since January, Steadview Capital has backed wealth management platform INDWealth, logistics Software as a Service company LogiNext, ed-tech venture Unacademy and fintech company BharatPe, through a mix of primary and secondary deals.
In 2019, Nykaa closed a Rs 100 crore Series E financing round led by TPG Growth, the mid-market investment arm of private equity firm TPG Capital, valuing it at about $730 million at the time.
Nykaa’s focus on customer service and capital efficiency stands out in the Indian e-commerce space, Ravi Mehta, founder of Steadview Capital, had said last month.
Steadview is a leading Asia-focused alternative asset manager, with US$2.5 billion in assets under management. The fund makes concentrated long-term investments in listed as well as unlisted companies across multiple industries. The firm has a sophisticated group of institutional investors including sovereign wealth funds, university endowments, pension funds, foundations and leading family offices, who seek to capture attractive long-term returns over managing short-term volatility.
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