Nykaa raises ₹100 cr from Steadview, suspends operations due to lockdown

Bengaluru: Online cosmetics and beauty products retailer Nykaa said on Tuesday that it has raised ₹100 crore from existing investor Steadview Capital.

However, on Tuesday, the company informed vendors on that it has suspended operations due to the lockdown to tackle the Covid-19 pandemic in India.

Nykaa informed vendors that the company has suspended operations, shut down retail stores and offices. Nykaa also told the vendors that their cash flow and income have been impacted, and that that there will be a delay in making payments of outstanding invoices.