Beauty startup Nykaa’s founder Falguni Nayar has become India’s wealthiest self-made female billionaire, according to the Bloomberg Billionaires Index, as shares made a strong stock market debut on Wednesday.
Nayar, who owns about half of Nykaa, is now worth about $6.5 billion as shares of the firm surged as much as 89% when they started trading Wednesday. FSN E-Commerce Ventures, Nykaa’s parent entity, is India’s first woman-led unicorn to hit the stock exchange.
Founded in 2012 by former investment banker Falguni Nayar, the woman-led unicorn offers 4,000 beauty, personal care and fashion brands through its website, app and 80-odd brick-and-mortar stores.
After graduating from IIM Ahmedabad, Falguni started her career in consulting with A.F. Ferguson & Co. She then spent 18 years at the Kotak Mahindra Bank, helming several businesses and was the Managing Director of Kotak Mahindra Investment Bank, and was director at Kotak Securities – the bank’s institutional equities division.
Heading a team of over 1600, Falguni has built a beauty and lifestyle retail empire Nykaa which has emerged as India’s leading beauty retailer with a portfolio of 1500+ brands, including its own private label, available online and across 68 stores in India.
Nykaa is a profitable company, a rarity among the internet startups making a debut in the public markets. Nayar owns her company stake through two family trusts and and seven other promoter entities. Her Ivy League-educated daughter and son, who run different Nykaa units, are among the promoters.
(With inputs from Bloomberg)
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