FSN E-Commerce Ventures will raise the funds via a foreign portfolio investor, as revealed in a stock exchange filing. Nykaa’s board of directors has accepted the issuance of around 12,500 non-convertible debentures, each having a face value of Rs. 1 lakh, permitting the company to raise Rs. 125 crore via private placement.
In the latest developments, Nykaa has amended its business structure and decided to sell its western wear and accessories division to FSN E-Commerce Ventures for Rs. 133 crore. Furthermore, Nykaa’s media-focused subsidiary, Illuminar Media Limited, has been combined with Nykaa Fashion, which currently runs its own e-commerce platform for clothing and accessories.
Even as Nykaa continues to develop its presence across India, it is also concentrating on universal expansion. The company started an e-commerce store for the UAE and Saudi Arabia in January and launched its initial physical store in Dubai in March, with plans undergoing for further worldwide growth and expansion.
