The net worth of Falguni Nayar — the founder and chief executive officer (CEO) of Nykaa — is nearly four times higher than that of Paytm’s founder and CEO, Vijay Shekhar Sharma. The shuffle in net worth rankings came only a few months after these founders took their companies public.
While Nykaa was able to double investors’ money on its first day of listing, Paytm has been struggling to even reach its issue price of ₹2150. Nykaa was listed at a price of ₹2,001 compared to the issue price of ₹1,125.
The company currently sits at a market capitalization of ₹70,690 crores ($9.2 billion), which is lower than Nykaa’s listing price but still higher than the issue price of $7.4 billion.
On November 10, when Nykaa got listed on the BSE and NSE, Nayar’s net worth shot up to new heights. She had become India’s richest self-made woman billionaire. With this achievement, the Nykaa founder and CEO had joined only six other women billionaires in India Bloomberg Billionaires Index, adding another feather to her crown since 2012.
“I started Nykaa at the age of 50 with no experience. I hope the Nykaa journey can inspire each of you to be the Nykaa of your lives,” she said ahead of her company’s listing at the National Stock Exchange (NSE). Falguni Nayar, who owns almost half of Nykaa’s shares is now worth $6.5 billion as shares of her company surged to 89 per cent as they started trading on the day.
Paytm founder Vijay Shekhar Sharma is no longer a billionaire, with the share price of one of India’s most storied startups dropping more than 70 percent from its issue price of Rs 2,150 in the past four months, Forbes data on March 16 shows.
The precipitous drop highlights the turbulence the Noida-headquartered firm has been facing. Just last week, the Reserve Bank of India (RBI) barred Paytm Payments Bank from onboarding new customers.
According to Forbes, Sharma’s wealth stands at $999 million from its peak of $2.35 billion before the IPO listing. One97 Communications Ltd, the parent company of Paytm, was listed on November 18, 2021. Since that day, Sharma has been losing around Rs 88 crore daily.
The firm raised Rs 18,300 crore through the initial public offering. On November 18, it was valued at Rs 1.39 trillion, ranking among the top 50 most valued companies in India.
But ever since, it has been downhill all the way. The company has lost around Rs 1 trillion in market cap, now down to Rs 4,0000 crore. The firm now ranks 112th on the list of most valued companies.
With this, Vijay Shekhar Sharma has slipped 1,000 ranks in the Forbes Billionaires list. Last year, Sharma was the 1362 richest person in the world with a net worth of $2.3 billion. But currently, he is at the 2387th spot with a net worth of $1.1 Billion.
Nayar has become the wealthiest new entrant in the Hurun Global Rich List 2022. The richest new entrant in the Hurun Global Rich List from India, Falguni Nayar and her husband Sanjay Nayar, also feature in the list of top 10 new entrants in 2022 M3M Hurun Global Rich List, the research firm said in a press release.