In April 2020, at a time when venture capital investments were expected to slow down due to the COVID-19 pandemic, Nykaa E-Retail Pvt. Ltd (Nykaa), one of the largest online beauty retailers in India, raised Rs. 1 billion (US$13 million) in fresh funding from its primary existing investor Steadview Capital. The investment reportedly valued the beauty retailer at about US$1.2 billion, catapulting it into the Unicorn club. According to Falguni Nayar (Nayar), Founder & CEO of Nykaa, “We are grateful to achieve this significant milestone. We deeply value the trust and support of our investors, customers and brand partners who have been instrumental to our success. In the midst of this unprecedented global crisis we are working to ensure all our stakeholders are well served and that Nykaa emerges as a leading retail player in the industry.” ..

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