Sandra Theres DonyThe success of Nykaa has rocketed its founder, Falguni Nayyar to the ranks of the world’s richest. Nayyar now holds the glorious label of India’s richest self-made billionaire. Half of Nykaa is owned by Nayyar whose worth has now touched a whopping $6.5 billion. This is following the massive surge in shares by almost 89 percent after they began trading on Wednesday.
Falguni Nayyar
The What and How
Nykaa’s beginnings were also rather notable. For instance, its parent entity, FSN E-Commerce Ventures holds the title of being the very first woman-led unicorn in India to hit the stock exchange. It had raised a whopping $722 million during its first initial public offering.
Falguni Nayyar founded Nykaa in the year 2012, a couple of months before hitting fifty. Prior to that, Nayyar was the leading figure at a top Indian Investment Bank. Nykaa was an innovative step during a time most women in the country were dependant on the neighbourhood stores for beauty products. And these stores barely offered any choice or variety. That’s when Nykaa entered the scene offering a diverse range of quality beauty products from a multitude of renowned brands. It goes without saying that the first-player advantage coupled with immense potential proved to be a good formula for growth. Ever since, Nykaa has progressed at a commendable pace becoming the country’s leading beauty retailer, with its products promoted by renowned Bollywood celebrities. The word “Nykaa” is derived from the Sanskrit word which means “heroine” and it is safe to say that the startup has lived up to that name.
Nykaa offers a variety of beauty products including exfoliation creams, make-up essentials, nail shades that come in a riot of colours and many more. It is safe to say that a user will never run out of choices when it comes to Nykaa. Its clothing line which began not so long ago has also proved to be a runaway success. As per the filing, the startup witnessed a surge in sales by 35 per cent to $330 million in the year ended in March. It goes without saying that Nykaa is a company that has tasted profit and continues to do so. This in itself is a rarity as most internet startups that make their debut in the public markets struggle to hit notable profits. Given the notable growth trajectory of the startup, it doesn’t come as a surprise that its founder has become India’s richest self-made female billionaire.