Omnichannel beauty and lifestyle retailer, Nykaa, has raised ₹100 crore from existing investor Steadview Capital, as primary investment. With this fund raise, Nykaa’s valuation is pegged at around $1.2 billion.

Last year in March, Nykaa raised ₹100 crore from private equity investment firm, TPG Growth, which set it on track to join the Unicorn club of private companies that are valued at over $1 billion. Later that year, Nykaa raised another $30 million from Steadview Capital through a secondary share sale.

“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,” said Falguni Nayar, Founder and CEO of Nykaa ,in a statement.

Nykaa has been instrumental in shaping the beauty and lifestyle industry in India through its omnichannel reach and curated portfolio of over 1,000 brands across makeup, skincare, haircare and wellness for both men and women. Since its launch as an online beauty store in 2012 by Falguni Nayar, former MD of Kotak Mahindra Capital Company, the brand has served millions of customers across India, both online and via its 65 stores across the country. Nykaa took the omnichannel route in 2015 with the opening of offline stores.

Ravi Mehta, Founder and CIO of Steadview Capital, said: “Nykaa has transformed the beauty industry in India and has established a very strong brand. We believe the company is poised for a strong growth trajectory in the years to come. The company’s focus on customer service and capital efficiency stands out in the Indian e-commerce space.”