Beauty e-commerce giant Nykaa aims to raise Rs 125 Cr or $15 million in debt funds from an undisclosed foreign portfolio investor through the issue of non-convertible debentures (NCDs).
The company board has approved the issue of 12,500 NCDs worth Rs 1 lakh each as per the company filing with the Registrar of Companies (RoC) on Monday, July 22.
Earlier in July, the Falguni Nayar-led company’s step-down subsidiary Nessa International Holdings had incorporated Nysaa Cosmetics Trading in Qatar as part of its Middle East push. The company had stated that Nysaa Cosmetics will operate both online and offline, and manage the international exports and sale of beauty and personal care (BPC) products.
Additionally, earlier in May, the BPC e-commerce chain’s board approved a cash deal worth Rs 133.7 crore to acquire Nykaa Fashion Limited, a Western apparel and accessories business.
Founded by Nayar in 2012, Nykaa is a wholly-owned subsidiary of FSN ECommerce Ventures. It is the leading name in the BPC industry in India.
For the June quarter of FY25, FSN e-commerce has projected a consolidated growth in revenue by around 22-23% YoY. The company also expects its Gross Merchandise Value (GMV) to grow by around 25% YoY, Nykaa said in a statement.
As of 12:31 pm on Tuesday, shares of FSN E-commerce Ventures were trading at Rs 172.50 apiece on the NSE which is 1.60% less than its closing price on Monday.
