New Delhi: Nykaa, a retailer of beauty and fashion products, on Monday said it closed a new round of funding of Rs165 crore.

The funding is largely from existing investors, including Hero Group’s Sunil Munjal, and family offices of Harsh Mariwala and Dalip Pathak, the company said.

The latest deal is a mix of primary and secondary investment. Some early investors have also sold off their shares, but the company did not name the exiting investors.

Nykaa is backed by TVS Capital, Max Group and some prominent family offices and high-net-worth individuals. Mint reported talks of the potential fund raising in April.

The investment is largely meant to fund the company’s offline foray. Since opening its first retail store in 2015, the company has grown its presence with 17 stores, selling a curated collection of grooming and personal care products for men and women.

“The focus of Nykaa has always been customer centricity resting on curation, content and convenience. Advice, education and conversations with our customers are key elements of Nykaa’s philosophy… Through efficient technology and logistics, along with our omni-channel model we make sure we deliver the best shopping experience to every customer," said founder and chief executive Falguni Nayar.

Nayar, formerly an investment banker with Kotak Mahindra Capital Co. Ltd, founded Nykaa in 2012.

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