Beauty retailer Nykaa to open 26 stores in India

Online beauty retailer Nykaa has revealed plans to open at least 26 outlets by 2020 in India.

It plans to raise Rs 8bn by end of 2017 as it intends to double its revenues to Rs7.2bn by fiscal year 2017-18.

Nykaa.com founder and CEO Falguni Nayar told PTI: "We are in advanced talks to raise Rs80 crore. We are looking at diluting 10% equity and expect to close the funding by December this year.

"We are growing at a fast pace and we are aiming for Rs720 crore gross merchandise value (sales) by fiscal 2018."

Nykaa.com is expected to achieve revenues of Rs3.2bn this fiscal year.

To achieve its growth targets, it aims to open more offline outlets.

Nayar added: "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."

Nykaa.com sells bath and body products.

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

Currently, it has outlets in Delhi, Mumbai, Bengaluru.