Max Ventures and Industries has acquired a 2% stake in online beauty retailer Nykaa.com for an undisclosed sum.

Max Ventures and Industries announced that it has acquired 2,69,955 equity shares of Rs.10/- each of FSN E-Commerce Ventures (FSN) on 08 December 2016, which represents its 1.99% equity capital. FSN is in the business of selling cosmetic products, personal and home accessories to consumers in India through its e-commerce platform Nykaa.com.

This is the second round of funding raised by the company this year. In September, Nykaa raised $12 million in a round led by Hero Group’s Sunil Munjal.

The company is looking at omni-channel presence to achieve growth targets and currently operates four offline outlets in Delhi, Mumbai and Bangalore. It is also expanding its private labels offering under the ‘Nykaa’ brand name.