Falguni Nayar
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YEAR-WISE DEVELOPMENTS
As in 2021
Saritha Rai, Nov 11, 2021: The Times of India
From: Saritha Rai, Nov 11, 2021: The Times of India
Falguni Nayar joined the rarefied ranks of self-made billionaire women this week as the Indian beauty startup she founded went public and promptly doubled on its trading debut. Now she’s encouraging more women to seize control.
Nayar runs India’s FSN E-Commerce Ventures Ltd., which raised Rs 53.5 billion ($720 million) in its initial public offering (IPO) and saw shares rise 96% on its first day of trading. That makes Nayar, who owns about half of the company, worth almost $7 billion and India’s wealthiest self-made female billionaire, according to the Bloomberg Billionaires Index. The stock slipped 3% at 10:28 am on Thursday.
Nayar founded her company, which runs the e-commerce site Nykaa, in 2012 after working in investment banking and guiding other entrepreneurs through the IPO process. Back then, most Indian women bought makeup and hair-care products at neighbourhood mom-and-pop stores where the selection was scanty and trials unheard of. She saw an opportunity in giving customers easy online access to high-end beauty items, complete with tutorials and testimonials.
The startup has since grown into the country’s leading beauty retailer, buoying online sales with demo videos by glamorous Bollywood actors and celebrities and more than 70 brick-and-mortar stores. Nykaa, derived from the Sanskrit word for heroine, sells items including exfoliation creams, bridal makeup essentials and hundreds of shades of lipstick, foundation and nail colour to suit Indian skin tones, skin types and local weather.
Nayar said there is plenty more opportunity ahead. In the country of 1.3 billion people, men too are beginning to spend on makeup and grooming products.
Nykaa is part of a new generation of Indian startups that are breaking out into the public markets. Zomato Ltd., a food-delivery startup, kicked off the rush in July, showing investors would buy into high-growth companies even if they were unprofitable. Paytm, India’s leading digital payments firm, recently announced that investors had fully subscribed to its $2.5 billion listing, the nation’s biggest.
