Bollywood Star Katrina Kaif continues to invest in Beauty Brands
Following the success of her own Beauty Brand ‘ Kay Beauty’ on popular e-commerce brand ‘Nykaa’ last year, Bollywood actor Katrina Kaif has invested an undisclosed amount in Nykaa through a secondary transaction. In a statement, following the investment, she said, “I was familiar with the company’s growing brand equity and market leadership and becoming an investor is the next logical step in sharing the Nykaa vision.” According to the 8-year-old e-commerce platform, this investment further strengthens its partnership with Kaif. Speaking about their association with Kaif over the years, Nykaa founder and CEO Falguni Nayar said, “I admire her work ethic, her understanding of beauty products and most importantly, her vision. She’s a wonderful partner.”
Readers will recall Kaif’s address to young entrepreneurs at TieCon Mumbai Summit last year when talking about becoming an entrepreneur she had said, “I’m developing a line of my own beauty products because I think I have been involved for last so many years doing makeup. I studied many brands and the types of consistency and very passionately decided to team up with a brand that is a market leader. “ I think that the future is bringing in social media to add value to new brands and the business models and I am also looking forward to having some excellent men grooming products is my line,” she added.
Nykaa had already raised over $100 million in total funding and is now in the unicorn club. The e-commerce platform had earlier in May 2020 raised $13 million (Rs 100 crores) from one of it’s existing investors Steadview Capital. Industry reports suggest that Nykaa had turned profitable in FY19, posting profits of Rs 2.3 crores, while its revenues touched Rs 1150 crores. The fast-growing e-commerce platform boasts over 5 million monthly active users fulfilling over 1.5 million orders a month and, 70 stores across India.
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