One of the most prominent beauty eCommerce platforms ━ Nykaa ━ has concluded the complete acquisition of Iliminar Media, the parent company of the digital content platform Little Black Book (LBB). The company has made this deal all in cash, but there is no clarity on the financial contours of the deal yet.
On the matter, Nykaa disclosed in a regulatory filing with the BSE on Saturday, September 10. It comes a month after Nykaa received its board’s approval to acquire LBB.
“We wish to inform you that, on completion of all the necessary formalities, the acquisition of 100% equity shares of Illumiar Media Private Limited by Nykaa has been concluded,” the company said.
The acquisition will help Nykaa to strengthen its brand discovery and content delivery platform. The investment will allow the beauty platform to scale operations and boost Nykaa’s curation-led offering & discovery-led shopping experience.
“We are excited about the strong synergies we share with LBB because, just like Nykaa, they have sharply focused on driving discovery and spotlighting promising homegrown brands across their channels since day one”, a Nykaa spokesperson said back in August.
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LBB was founded by Suchita Salwan and Dhruv Mathur in 2015 and later ventured into the social commerce space. The platform offers high-level products leveraging content and community, ranging from apparel to home decor. According to the reports, the startup has raised $8.3 million in funding across multiple rounds and from numerous investors.
Talking about Nykaa, the company became a unicorn in just eight years in 2020, which can be considered a notable success in the eCommerce market.
