As per reports, FSN E-Commerce Ventures, which operates the beauty and fashion retail brand Nykaa’s subsidiary Nykaa E-Retail to raise Rs. 125 crore through non-convertible debentures (NCDs) from a foreign portfolio investor, according to a stock exchange filing by the company.

Nykaa's board of directors has approved the issuance of up to 12,500 NCDs of Rs. 1,000,000 par value to raise Rs. 125 crores on a private placement basis.

Nykaa is aggressively pursuing its global expansion, and in its annual results for FY24, the company announced an investment of 20 crores on an entitlement basis in its wholly owned subsidiary, FSN International. The company also revealed plans for FSN International to invest an additional $1.9 million in one of its overseas operations.

The company also expanded its presence in Gulf Cooperation Council (GCC) countries, launching websites in the UAE and Saudi Arabia in January and opening its first physical store in Dubai in March.

As per reports, For FY24, Nykaa reported a 24 percent increase in operating revenue, reaching Rs 6,385 crore, while net profit surged by 89 percent to Rs 39 crore. The beauty and personal care (BPC) segment saw a 25 percent rise in gross merchandise value (GMV) to Rs 8,340 crore, while the fashion segment grew 27 percent to Rs 3,269 crore. The ‘others’ segment, including the B2B arm Superstore and media arm LBB, witnessed a 59 percent increase, reaching Rs 835 crore.

Recently, Nykaa approved the sale of its clothing and accessories business to FSN E-Commerce Ventures for Rs. 133 crores. Additionally, Nykaa's media subsidiary Iluminar Media Limited, which operates the LBB platform, has merged with Nykaa Fashion.