Nykaa bets big on fashion, offline stores with eye on Unicorn tag

The cosmetics player plans to add 40 stores, and diversify offerings

E-commerce retailer Nykaa, which retains its first-mover advantage as the leading retailer of cosmetics and skincare products, is looking to make fashion and related accessories one of its key verticals even as it looks to double its bricks-n-mortar footprint. 

The company, valued at $750 million and led by former banker Falguni Nayar and backed by investors such as TPG, Lighthouse Funds, and the family office of Hero Enterprise’s Sunil Munjal, recently raised Rs 100 crore in its fifth round of funding. 

Nayar and her family retain a majority stake in Nykaa. The company had started in 2012 with a funding of Rs