Nykaa founder Falguni Nayar becomes India's wealthiest self-made female billionaire

Falguni Nayar, a former top investment banker, became the country’s seventh woman billionaire and the wealthiest self-made one, after the listing of her startup FSN E-Commerce Ventures, the parent entity of Nykaa in the stock markets on Wednesday.

“I started Nykaa at 50 with no experience,” Nayar said before the ringing of the opening bell at the National Stock Exchange in Mumbai. “I hope the Nykaa journey (an Indian-born, Indian-owned and Indian-managed dream-come-true) can inspire each of you to be the Nykaa (heroine) of your lives.”

The company’s recent initial public offering (IPO) was subscribed by more than 80 times. FSN E-Commerce Ventures has a beauty and personal care business under its Nykaa vertical; it also has 80 stores in 40 cities in India.

Nayar started the firm in 2012; it is today one of the country’s leading beauty retailers. Top Bollywood and other celebrities endorse its products, which include creams, bridal makeup essentials, lipsticks, foundation and nail colours and other accessories.

Sales jumped by 35 per cent to $330 million for the year ended March 31, 2021. TVS Capital and Steadview Capital are among the investors in the company. Bollywood stars Katrina Kaif and Alia Bhatt also have a minority stake in it.

• India