Nykaa.com, an online luxury beauty retailer, has raised Rs 82 crore ($12.3M) in a fresh round of funding led by Hero Group's Sunil Munjal and the Mariwala family, at a valuation of about Rs 775 crore, reported ET. This fourth round of fundraising also saw participation of existing investors and Marico founder Harsh Mariwala. The company plans to use the newly raised funding to significantly expand its operations and add more brands under its label, sources said. Nykaa is also planning to open more retail stores besides its core online market strategy. Currently, the company has four physical stores across the country and has added more brands to its portfolio.

In October 2015, Nykaa has secured Series C round of funding from investors including TVS Capital, Marico founder Harsh Mariwala, Hexaware founder Atul Nishar, and Dalip Pathak, former India and Europe head of Warburg Pincus, and Michael Carlos, former president of Swiss fragrance maker Givaudan.

Founded in 2013 by FSN E-Commerce Ventures, Nykaa is headed by Falguni Nayar, a former managing director of Kotak Mahindra Capital Investment Banking, and her husband Sanjay Nayar, CEO and India head of US buyout giant KKR & Co. The company reported a net revenue of Rs 250 crore in FY16. Nykaa sells 400 brands and 35,000 products across various categories, its website showed. In March 2016, Nykaa introduced private labeled products and is also expanding its product offerings.

According to industry body Internet and Mobile Association of India (IAMAI) and IMRB, the ecommerce market in India is expected to double to Rs 2 lakh crore by December, grew 30% between December 2011 and December 2015 and was valued at Rs 1,25,732 crore by the end of December last year.

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