News

Alia Bhatt, Fidelity Investments boost Nykaa’s funding

Alia Bhatt has recently invested an undisclosed amount in Nykaa, an e-commerce platform for beauty and grooming products, founded eight years ago by Falguni Nayyar. It has over 5 million monthly active users, 70 stores across India, fulfilling over 1.5 million orders a month. In May 2020, Nykaa had raised Rs100 crore ($13 million) from Steadview Capital, one of its existing investors. The investment brought Nykaa a ticket to the unicorn club, having already raised over $100 million in total funding, as per an article from Business Insider.

After launching her own make-up line, Kay by Katrina, last year in collaboration with Nykaa, actress Katrina Kaif also recently invested an undisclosed amount in Nykaa.

Nayyar cited Bhatt’s reasons for investing in Nykaa as its Indian roots, woman entrepreneurship and proof that India can take on the best in the world.

Nykaa has also received an investment from Boston-based asset management company Fidelity Management & Research Company. Nykaa recently said it has benefited from people shifting to online shopping amid the pandemic, thus boosting the e-tailer’s market share in the beauty business.

Nykaa also unveiled that it recorded Rs 18.6 billion (US$252 million) in revenue for the year ended March 31. It is expecting a 40 per cent growth in consolidated revenue in the ongoing fiscal year.

Earlier this year in March, the company raised Rs 1.66 billion (US$22.5 million) from hedge fund Steadview Capital at a valuation of US$1.2 billion.

According to Nykaa, it is appropriately positioned to benefit from the recent tailwinds that have supported sales for predominantly online businesses. The combination of accelerated consumer activity online and overall brand performance for Nykaa has boosted its market share in the beauty business as well as jump-started growth for its fashion platform, it claimed.

Plum raises Rs 110 crore in Series B funding

Pureplay Skin Science India raises Rs 110 crore in a Series B funding round led by Faering Capital. Founded in 2014, the startup owns two brands — vegan beauty brand ’Plum,’ and men’s grooming brand ’Phy.’ With over 60 products in Plum and 12 in Phy, its range covers skincare, cosmetics and body and bath essentials. Speaking on the investment, Shankar Prasad, Founder and CEO, Pureplay Skin Sciences India, said, "The funds raised from Faering Capital, Unilever Ventures, and Trifecta Capital will help us deliver a more engaging brand experience for our customers and further expand our product range and market presence."

Trifecta Capital, as well as existing investor Unilever Ventures, also participated in this round of funding for Pureplay, which will be used for brand building, technology, and expansion of distribution footprint, the startup said in a statement. "Shankar and his team have built a highly capital-efficient business, and we are very excited to continue our support for them with both credit and equity," Trifecta Capital Managing Partner Nilesh Kothari said. As a bootstrapped venture, Pureplay had secured a Series A funding from Unilever Ventures in 2018.

SUGAR Cosmetics gets $2 million funding

Stride Ventures, one of India’s leading venture debt funds, has led a debt round of US $2 million in SUGAR Cosmetics. The fund has partnered with one of India’s leading private banks for this deal and is committed to being a strategic partner in SUGAR’s growth journey with their customised offerings and deep relationships across banks and corporates.

“SUGAR plays in a high gross margin category which makes debt a fantastic choice for us. With superior product to market fit and long-term growth appetite, we are excited about working with Stride and their partner private bank and announce US $2M as the first tranche of the Series C funding that we hope to close later this year.” said Vineeta Singh, Co-founder and CEO, SUGAR Cosmetics.

Stride Ventures launched its maiden fund in 2019 and plans to invest in 25-30 startups for Stride Venture India Fund I.

Launched in 2015 by IIM-Ahmedabad graduates Vineeta Singh and Kaushik Mukherjee, SUGAR Cosmetics is a cruelty-free and content-led beauty brand that targets the younger Indian demographic through its range of affordable premium products.

Swiss dermo-cosmetic science now in India

Founded in Basel, Switzerland in 1986, Labo has been involved in the research and development of dermo-cosmetic products for over 30 years. Labo has entered the Indian market in collaboration with Zee laboratories Limited. It’s launch range includes Crescina Enhanced HFSC, Crescina Enhanced Anti-Hair Loss, and Fillerina 12 Ha Densifying Filler.

Crescina Enhanced HFSC formulation is recommended in cases of hair thinning and hair loss. It stimulates hair regrowth and reduces hair loss in affected areas. The complete hair therapy, combines in a single package, the two preparations: Crescina Enhanced HFSC and Crescina Enhanced Anti-Hair Loss, both formulated for men and women.

Fillerina 12 HA Densifying Filler is the first dermo-cosmetic filler treatment for use at-home. It provides a filling effect with topical application, thanks to Swiss Patented 12 differentiated hyaluronic acids. The technology behind Fillerina 12 HA allows large quantities of hyaluronic acid to penetrate deep into the skin tissues, filling the deepest depressions of the face, like age wrinkles and expression lines, and increasing the volume of cheekbones and lips. Labo is one of the foremost companies to develop a new technique for the penetration of the active ingredients, through both epidermis and dermis, without injection.

Nykaa brings Murad to India

The dermatologist-backed skincare brand – Murad – debuts in India on Nykaa. “We’re thrilled to be partnering with Nykaa. Helping our customers live healthier, happier lives has always been our mission here at Murad. I believe skincare is healthcare – an integral piece of our body’s interconnected wellness puzzle – and this new partnership will bring our philosophy to new customers across India,” says Dr Howard Murad.

Dr Murad believes skincare is healthcare. As a dermatologist and pharmacist, he witnessed his patients’ skin transform because of his industry-first products and whole-person wellness programme. Founded in 1989, Murad was the first brand composed of clinical skincare products with a vision to use scientifically proven formulas and technologies to help people achieve the healthiest, most beautiful skin possible. He continues to bring innovative clinically proven, cruelty-free formulas for skin.

Dr Murad’s unique philosophy inspires people to nourish their skin with topical treatments, awaken their body through physical activity, ‘eat’ their water by consuming water-rich fruits and vegetables, and be kind to their mind through positive self-affirmations and conscious decreasing of stress. Murad’s range will be available in India on Nykaa and includes Retinol Youth Renewal Serum, Hydro-Dynamic Ultimate Moisture, Vita-C Glycolic Brightening Serum, Vita-C Eyes Dark Circle Corrector, AHA/BHA Exfoliating Cleanser, Clarifying Cleanser, Nutrient-Charged Water Gel, Revitalixir Recovery Serum and Clarifying Oil-Free Water Gel.

Zenoti enters the unicorn club

Zenoti becomes the fifth SaaS-based Indian startup to become a unicorn. Being a Software-as-a-Service startup catering to the beauty and wellness industry, it has raised $160 million in a series D round of funding with a valuation of over a billion dollars. The round was led by Advent International, while it also saw participation from existing investors Tiger Global and Steadview Partners.

With the latest investment, the startup now aims to fuel Artificial Intelligence-led innovations while also scaling up operations. The company also aims to hire new employees to double its headcount to 900 from the current 550, by 2022. Securing their place amongst the fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America, Zenoti, a ten-year-old startup, ranked 316 in the Deloitte’s Technology Fast 500.

The company’s founder Sudheer Koneru said that the company’s revenue registered a 320 per cent growth in the last year. Based out of Hyderabad and Bellavue, Washington, Zenoti offers cloud-based software solutions for the spa, salon and medspa industry and counts over 12,000 outlets across 50 countries as its clients.

YouTube Influencer is The Beauty Co.’s Brand Ambassador

Sejal Kumar, YouTube Digital Influencer, is a youth icon with a following of over 2 million on social media. She has represented India as one among the eight selected creators worldwide for the ‘YouTube Creators for Change with Michelle Obama’ that focused on education for girls. She has received several accolades for her work including the ‘Best Youth Influencer Award’ by Women of Steel Summit and Awards and ‘Instagrammer of the Year for Fashion 2019’, and ’Fashion Influencer of the year 2020’ by Exhibit Magazine.

“I am extremely delighted to be a part of The Beauty Co. family. I strongly believe that being comfortable in your own skin makes you feel beautiful. Beauty is not only what we see, it’s also about what we feel. Everyone should step out in confidence, radiance, and glow, and The Beauty Co. has been at the forefront in promoting the same,” says Sejal.

Suraj Vazirani, Founder and CEO of The Beauty Co. adds, “Sejal Kumar will add great value to The Beauty Co. and we’re happy to have her on board as our brand ambassador. With her massive social media appeal, we are confident to reach every segment of the population with our message of democratizing beauty and increasing ingredient awareness in a strong manner.”

Coty Inc announces Wella sale at $2.5 billion

Coty Inc has announced the strategic sale of its Professional and Retail Hair business – including the Wella, Clairol, OPI and ghd brands (together ‘Wella’) to KKR. KKR and the company have entered into amended and restated transaction agreement with a primary adjustment being the removal of certain completion conditions and the sale and transfer of certain entities to Wella post-completion. A 60 per cent share of the standalone Wella entity will be owned by KKR. The net proceeds coupled with Coty’s retained 40 per cent stake in Wella, initially valued at $1.3 billion, will considerably strengthen Coty’s capital structure.

A new global retail strategy for ELEMIS London

ELEMIS London and New York-based creative branding agency School House, known for its bold visual concepts have come together to explore the brand’s values and bring them to life, conceptualising a global retail strategy that expresses ELEMIS’ philosophical approach through a series of immersive store openings through 2020-2021. The revamp of the Elemis stores is inspired by the concept of ‘Augmented Time’. It is envisioned to be a permeable conversation between British heritage, the present client, and future innovation. The partnership of ELEMIS London is a natural fit for School House, known for their work with brands that innovate as they look to the future.

Hair Serum market to reach $1.61 billion by 2026

According to the report published by Allied Market Research, the global hair serum industry is expected to hit $1.61 billion by 2026, registering a CAGR of 8.4 per cent from 2019 to 2026. Adoption of new hairstyle trends, rapid increase in disposable income, and population growth coupled with the rise in air pollution across the world are the major factors fuelling the growth of the global hair serum market. Based on nature, the conventional segment accounted for 91 per cent of the global hair serum market share in 2018 and is expected to retain its dominance by the end of 2026. Easy availability of products at affordable prices is one of the key reasons driving the growth of the segment.

Makeup Museum and L’Oréal USA launch beauty history book

Makeup Museum, in partnership with L’Oréal USA, has announced the publication of its first book "Beauty Stories from Around the World" to expand beauty history to include diverse, new perspectives, narratives and images. Each chapter will explore a cultural beauty ritual or theme. The writing team includes a diverse group of academics, anthropologists and researchers hailing from all around the world. To support "Beauty Stories," Makeup Museum and L’Oréal USA will kick-off a year-long digital series on the Makeup Museum’s Instagram with the hashtag #BeautyStories. L’Oréal USA, the largest subsidiary of the L’Oréal Group, is an ideal partner for this initiative due to its industry leadership, reach, and commitment to telling the history of beauty.

Wahl’s reveals ’Most Talented Beard in America’

In a year full of heavy news, Wahl launched the contest as a way to spread positivity and celebrate bearded men. In September, the company put out the call for men with beards to submit a video of themselves performing a talent. While 100s entered, 10 finalists were chosen, and public votes determined the top three winners. Jonathan Brannan from Ocean Springs, Miss., winner in the first-ever ’Most Talented Beard in America’ contest can carry a tune, drop a dad joke — and sport a sweet beard. It is his range of talents, along with a knack for balancing family and fun that has made him the winner with an award of $20,000. He also earns beard bragging rights with the new title of ’Wahl Man of the Year.’

Breaking Boundaries Scholarship Program by BABOR

BABOR, a global leader in professional skincare, revealed that they will be funding four BIPOC (Black, Indigenous, and People of Color) aesthetics scholarships administered by the non-profit Beauty Changes Lives for students interested in pursuing careers within the professional beauty industry. Committed to its ongoing support of the professional spa business, the BABOR will shine a light on the vast job opportunities within the industry while advocating for an inclusive and diverse community. Each scholarship will be awarded to four BIPOC students previously unable to pursue their dreams of a career in spa esthetics.