Online beauty retailer Nykaa.com is in talks to raise Rs 80 crore by end of 2016 to push growth as it aims to double sales to Rs 720 crore by 2017-18.

“We are in advanced talks to raise Rs 80 crore. We are looking at diluting 10 per cent equity and expect to close the funding by December this year. We are growing at a fast pace and we are aiming for Rs 720 crore gross merchandise value (sales) by fiscal 2018“, Nykaa.com Founder and CEO Falguni Nayar told PTI.

Nykaa.com is expected to close this fiscal with sales of Rs 320 crore.

Online beauty retailer is also looking at omni-channel presence to achieve growth targets and plans to open about 26 more retail outlets by 2020.

“While online is our main focus, we are interested in omni-channel strategy and are looking at an interplay of offline and online presence. We plan to have 30 retail outlets by 2020“, Nayar said.

At present, the company operates four outlets in Delhi, Mumbai and Bengaluru and plans to add three more outlets this year.

Nykaa.com is also expanding its private labels offering under the ‘Nykaa’ brand name.

“We are looking at launching full makeup under our private label. We plan to launch most of these products by March next year“, Nayar said.

At present, it sells bath and body products and nail paints.

Source: The Economic Times