Analjit Singh promoted Max Ventures and Industries has acquired 2 per cent stake in online beauty retailer Nykaa for an undisclosed sum.
The company said in a BSE filing that Max I Limited, a wholly-owned subsidiary of Max Ventures and Industries Limited, has acquired 2,69,955 shares of Rs 10 each of FSN E-Commerce Ventures Private on 8th December, 2016, which represents its 1.99 per cent equity capital.
FSN is in the business of selling cosmetic products, personal and home accessories to consumers in India vioa e-commerce platform Nykaa. In the month of August this year, Nykaa had said that it was in talks to raise Rs 80 cr by the end of 2016 to push growth as it aimed to double sales to Rs 720 cr by 2017-18.
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