Bollywood star Katrina Kaif who has already been associated with the Mumbai-based online beauty retailer Nykaa for over a year, and launched her beauty brand ‘Kay Beauty‘ last year in October; has now taken a leap forward by investing an undisclosed amount in the company. The news came last week.
Founded in 2012 by Falguni Nayar, Nykaa claims to offer over 300,000 cosmetics and beauty products across 1500 brands on its platform. In MAy this year, the company turned unicorn post-raising INR 100 crore (around $13 million) in a Series F round led by Steadview Capital.
Speaking of the development for Nykaa, Kaif in a press statement said,
“Having already been associated with Nykaa through Kay Beauty, 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.”
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Showing appreciation for Falguni Nayar and the Nykaa team, Kaif added,
“I’ve always been an admirer of Falguni Nayar’s vision and having worked with the Nykaa team, have seen first-hand their dedication towards offering customers the very best experience. Nykaa has opened new avenues for women to explore and celebrate their own unique idea of beauty and I am very excited to be a part of their growth journey.”
With great admiration, speaking about Nykaa’s association with Katrina, Nayar said,
“I’ve had the pleasure of knowing Katrina and working closely with her for over three years now. I admire her work ethic, her understanding of beauty products and most importantly, her vision for building Kay Beauty into a brand that enables women to be the best version of themselves. She’s a wonderful partner and I’m happy this partnership is being further strengthened with her investment in Nykaa.”
On Wednesday, Sugar Cosmetics, a Mumbai-based beauty and cosmetics brand that manufactures its own products has raised $2 million in a Series C debt funding round led by Stride Ventures.
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