NykaaMan lists products across categories like shaving, hair care, grooming kits, beard care, bath & body, beard care, sexual wellness and sports nutrition etc. It also has trends blogs and grooming advice on the new portal.
According to this ET report, 20% of the traffic on its main portal comes for men and male products, and men grooming segment contributes 2% of the company’s revenues. The company reportedly expecting 10% of revenues from this segment in a couple of years.
Started in 2012 by former investment banker Falguni Nayar, Nykaa clocked net revenue of Rs 570 crore in FY18 as compared to Rs 214 crore in FY17. It is also expecting to turn profitable in FY19.
In May, Nykaa raised series D funding of Rs 165 crore from a clutch of investors including Hero’s Sunil Kant Munjal, Harsh Mariwala, Dalip Pathak, amongst others. The company will use the fresh capital to expand its retail footprint.
It had secured Rs 75 crore a month before its Series D funding. Before that Nykaa raised Rs 100 crore in 2016 from Max India, the Sunil Munjal family office and Harsh Mariwala. In 2015, it had raised Rs 60 crore in funding led by TVS Capital with participation from Harsh Mariwala, Atul Nishar, and Dalip Pathak through their family offices along with Michael Carlos. In 2014, it received Rs 20 crore through undisclosed private investors which included high net worth individuals (HNIs) and NRIs.
Men’s grooming segment
India men’s grooming market has seen some important developments recently, as FMCG brands are looking to tap online shoppers to stay relevant in the market. In June, FMCG major Hindustan Unilever (HUL), and Amazon India partnered to launch a range of hair and men grooming products which are listed on the e-com platform.
In November 2017, e-commerce company Happily Unmarried got an investment of undisclosed amount from Wipro Consumer Care, the personal care arm of Wipro Enterprises. The investment was reportedly raised to expand its men grooming business under Ustraa brand. In December last year, other online men grooming e-commerce company, The Man Company had received $3 Million from FMCG company Emami. In March 2017, FMCG major Marico had picked up 45% in men’s grooming platform Beardo.