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Startups

Indian beauty and personal care startup Nykaa raises $13m

Funding achieved despite difficult market amid coronavirus pandemic

Omnichannel beauty and personal care retailer Nykaa is one of India's few profitable startups. (Screenshot from YouTube)

BENGALURU -- Mumbai-based beauty and skincare startup Nykaa said Tuesday it had raised 1 billion rupees ($13 million) in fresh funding led by existing investor Steadview Capital.

This comes at a time when venture capital investments are expected to slow down due to the global spread of COVID-19 and as investors look to back companies that offer essential services or products, with the coronavirus pandemic likely to have an adverse effect on discretionary spending.

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