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Online beauty products marketplace Nykaa.com is targeting a turnover of ₹250 crore in the current financial year. The firm, which registered a net revenue of ₹68 crore last year, is going to double the number of employees to 500 next year.
“We have 280 employees, including 70 in the technology team. We are going to double the non-technical team as we plan to increase the number of physical stores to 30 from the current four,” said Falguni Nayar, founder and Chief Executive Officer, Nykaa.
Addressing a press conference here on Thursday, the former Managing Director of Kotak Investment Banking said Nykaa had raised ₹162.50 crore in three rounds, including a latest round of ₹82.50 crore. She said the funds will be enough for the ongoing expansion.
Pegging the size of the beauty and hygiene market at $18 billion, she said there is a huge scope for online sales. “Online sales contribute only 6 per cent now. This is expected to grow to 20 per cent by 2020.”
She said the expansion plans also included enhancing the luxury products portfolio.
“We have about 20 luxury brands in our portfolio. This will be doubled by the end of the year.”
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