Online beauty and personal care retailer Nykaa on Friday said it has received board approval to acquire venture capital backed lifestyle discovery platform Little Black Book (LBB) in an all-cash deal.
The acquisition is in line with Nykaa's content-first approach to engage with its loyal consumer base, said Nykaa in a stock market disclosure without disclosing the financial details of the transaction.
LBB's focus on fashion, home and beauty categories fits well with Nykaa's areas of strength, it added.
The transaction is expected to be completed within 60 days of execution.
LBB, which is operated by Illuminar Media Pvt Ltd, was founded by Suchita Salwan and Dhruv Mathur in 2015. The startup focuses on audience engagement through content and discovery. It claims to reach over 70 million users. The startup posted revenues of around Rs 19.5 crore in fiscal 2020-21.
In LBB's last main funding round in 2019, the startup raised $5 million in a Series A round led by Inventus India and IAN Fund in April 2019. Japanese investors Dream Incubator and Akatsuki Entertainment Technology Fund also contributed, as did existing investors including Blume Ventures and Chiratae Ventures.
Falguni Nayar-led Nykaa has been on an acquistion spree. In April, Nykaa announced three strategic investments in Earth Rhtym, Nudge Wellness and Kica -- to boost its beauty & clothing portfolios.
Just before its listing, the firm acquired skincare brand Dot & Key for an undisclosed sum in October 2021. In April last year, it bought online jewellery brand Pipa Bella.
