Continuing with the push towards the booming e-commerce space, Tata Group entity Tata Digital is said to be finalising plans to launch a new venture to exclusively sell beauty and cosmetic products, reports Economic Times.
The move would pit the Tatas directly against startups like Nykaa, Purple and MyGlamm which have built a presence in this niche segment. Of these, Nykaa is also set to list on the bourses soon with an IPO valuing the Falguni Nayak led company at about $4 billion.
Purple had also recently raised $45 million from notable investors like Sequoia, Verlinvest and others in March. MyGlamm had also raised funds from venture capital major Accel.
It should be noted that the said e-commerce platform would operate separately from Tata CLiQ which also deals in segments like apparel and electronics besides beauty products. Other group companies verticals like Westside also sell cosmetics, beauty, apparel and lifestyle household products online.
A wholly-owned subsidiary of Tata Sons, the entity christened Tata Digital houses the digital assets of the conglomerate. In May, it had acquired a majority stake in online grocery major BigBasket. Thereafter, it had also acquired a majority stake in online pharmacy and diagnostics major 1mg. This was then followed by an investment of Rs 546 crore into fitness startup Cult.fit.
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