Nykaa’s story is an inspiration for all. Founded by Falguni Nayar, it disrupted the Indian beauty market when e-commerce or e-marketplace wasn’t that much popular— and beauty was something no one could have imagined buying online.
Falguni Nayar was 50 when she embarked on the journey of entrepreneurship which shows how success is ageless and can be achieved when one’s heart desires.
Falguni Nayar, a self-made entrepreneur, has transformed the Indian beauty market with the founding of Nykaa, the country’s first online beauty e-marketplace. With her dedication, vision, and relentless pursuit of her dreams, Nayar has built a billion-dollar empire that stands as a testament to her entrepreneurial spirit. This is the story of Nayar’s remarkable journey, from the inception of Nykaa to its current status as one of India’s largest cosmetic and beauty care product businesses.
This is the story of how Falguni Nayar made a business which now stands in competition with Mukesh Ambani. In 2021, moneycontrol reported her networth to be $4.08 billion (Rs 32,951.71 crore).
As per Forbes, her net worth as of now is $2.7 billion (Rs 2,22,62,71,50,000).
A Leap of Faith
At the peak of her successful career as a managing director at Kotak, Falguni Nayar yearned for more. Inspired by the thriving start-up ecosystem, she decided to take a leap of faith and pursue her dream of becoming an entrepreneur. In 2012, just a few months before 50th birthday Nayar quit her job and launched Nykaa from her father’s office. Despite lacking a technical background or a profound personal interest in beauty products, Nayar was driven by the desire to empower and guide women through the use of beauty products.
Nykaa was named after sanskrit word which literally means ‘heroine’.
Nykaa’s Inception and Early Challenges
Nayar took the risk Nykaa started as an omnichannel beauty product retailer with a strong online presence, bridging the gap between limited product choices and women’s desire for more variety. The early days were not without their challenges, as the website would crash, and the founding team and CTOs faced turnover. The absence of an enterprise resource planning system meant that the system would crumble under the weight of 100 orders. However, perseverance and continuous investments in marketing paid off, with the participation in the Google Online Shopping Festival proving to be a turning point.
Revolutionizing Beauty Shopping
With an unwavering commitment to change the way women shop for beauty products, Nayar successfully curated a wide range of over 850 brands and 35,000 products on Nykaa. The platform became a go-to destination for skincare, haircare, and makeup products, offering a seamless online shopping experience and bringing international luxury brands to Indian households. Nykaa’s growth led to the establishment of physical stores across India, with two store formats: Nykaa Luxe and Nykaa On Trend, catering to different customer preferences. Nykaa was worth $2.3 billion as of 2021.
Did not lay-off employees during the pandemic
Falguni Nayar’s resilience was tested during the COVID-19 pandemic when sales were affected. Instead of downsizing, Nykaa chose to retain its employees and even engaged in the delivery of essential goods. This dedication to its workforce demonstrated Nayar’s commitment to her team and her belief in weathering storms together.
IPO and Beyond
In 2020, Nykaa initiated the process of preparing for an initial public offering (IPO), which proved to be a resounding success, making Nayar the first Indian woman to take a unicorn company public. Despite the pandemic’s impact, Nykaa’s IPO debuted with nearly an 80% premium. Today, Nykaa stands as a multi-billion dollar brand, with Nayar’s net worth reaching an impressive $2.7 billion, securing her a place among India’s wealthiest individuals. Nayar took 53.5% stake in the company, became India’s richest self-made female billionaire on the listing day.
Continuing Legacy and Leadership
As the CEO of Nykaa Fashion, Nayar’s daughter, Adwaita, contributes to expanding the company’s presence and offerings. Anchit heads the retail and e-commerce divisions, ensuring Nykaa’s growth and innovative strategies in an ever-evolving market.
Falguni Nayar’s entrepreneurial journey and the success of Nykaa have disrupted the Indian beauty market, empowering women with a vast array of choices and transforming the way they shop for beauty products. Through her dedication, perseverance, and business acumen, Nayar has proven that age is no barrier to pursuing one’s dreams and achieving remarkable success. As she continues to lead Nykaa into the future, there is no doubt that her legacy as a trailblazing entrepreneur will continue to inspire aspiring businesswomen across Ind
With its wide range of products, seamless online platform, and physical stores, Nykaa has revolutionized the beauty industry in India. From its humble beginnings to its current status as a billion-dollar empire, Nykaa has become a trusted destination for beauty enthusiasts, offering them a diverse and extensive selection of cosmetics, skincare, haircare, and personal care products.
Under Nayar’s leadership, Nykaa has also successfully collaborated with numerous renowned beauty brands, both Indian and international, to bring their products within reach of Indian consumers. From the prestigious association with Lakmé, which marked Nykaa’s initial foray into the market, to the thousands of brands currently associated with the platform, Nykaa has continuously expanded its product offerings to cater to diverse beauty needs and preferences.
Nykaa’s physical stores, Nykaa Luxe and Nykaa On Trend, provide a unique and immersive shopping experience. Nykaa Luxe features a curated selection of Indian and international beauty brands, alongside Nykaa Beauty, the in-house collection of beauty products. On the other hand, Nykaa On Trend offers popular market products, ensuring that customers have access to the latest beauty trends.
