California-based private equity firm TPG Capital plans to inject 213.50 crore rupees ($30 million) in Indian online cosmetics and beauty products retailer Nykaa.

The transaction is expected to value Nykaa at approximately $632.3 million, up from between $421.5 to $491.8 million last year.

To date, Nykaa has secured $35.8 million in funding, excluding the investment from TPG Capital.

In the financial year 2018, Nykaa generated $80 million in net revenue, up from $30 million a year earlier.