Almost all of us have browsed through Nykaa - a unique online platform that aces in offering cosmetics and modern attires. From a beauty start-up to global phenomenon, Nykaa has been listed as one of the top-notch online shopping portals as the founder Falguni Nayar is declared India’s wealthiest self-made female billionaire on 10th November, 2021. With a net worth of approx. $6.5 billion Falguni now joins the ranks of the wealthiest business tycoons across the world. As a woman entrepreneur, Falguni’s journey started around nine years ago, when she left her job as the managing director of the Kotak Mahindra Group during her late 40s to start afresh as an entrepreneur.
Here is a glimpse into the remarkable journey of Falguni Nayar.
Early life and Education
The Mumbai-born Nayar graduated from the Indian Institute of Management - Ahmedabad and started her professional journey as an investment banker. Born into a Gujarati family, Falguni Nayar spent early days of her life in Mumbai. As her father was a businessman, she was acquainted with the business nuances from a very young age. According to few sources, she has revealed that discussing about stock market and trade were quite common in her house during her childhood.
Birth of Nykaa
In 2012, while working as the Managing Director of Kotak Investment Banking, she resigned the job to chase her dream of starting her own venture. In 2012, when a 49-year-old Falguni Nayar started her dream venture Nykaa; which has now emerged as one of the leading e-commerce websites of India, she simultaneously defied two stereotypes that are often used to set limit to the women at workplace – age and gender.
‘Nykaa comes from the Sanskrit word ‘Nayika’ which means ‘actress’. The platform started out as a platform of beauty products, gradually steering towards the accessories and attire section. It also has a large source of informative blogs, articles as well as forums for readers to access and share knowledge, update themselves.
During the 10 years of its journey, Nykaa has evolved to become India's first and only woman-led unicorn to go public. Creating history with its arrival, Nykaa is not only capitalizing the scope of beauty and skincare products online but is also successfully running with 35 physical stores.
Addressing the Indian Beauty Segment
When Nykaa entered the market, the beauty segment in India was a bit fragmented. The brick-and-mortar stores had a limited products to offer, and men’s beauty products did not come with the wide range they have today. Now an epitome in wellness and beauty, the brand is soaring high under the guidance and diligence of Falguni who is further planning to opening its luxury stores in premier destinations. Bringing international luxury brands to India, Nykaa is also offering the Indian customers all-inclusive products and services to choose from.
Offering a Wide-range of Products
Nykaa provided Indians not only a unique amalgamation of reasonable brands with rare designs and fashion, but also promised cruelty-free products, all under one umbrella. An e-commerce website that offers beauty and wellness products from all the important global brands including Kaya Skin Clinic, Lakmé, L'Oréal Paris, and so on, has over 850+ curated brands and more than 35,000 products. The brand has also started catering cosmetic products for men where the demand is quite high and options seem to be quite limited.
By Woman, For Women
Falguni has always emphasized on the need for women to break their barriers in ordered to prove themselves. According to her, women should be confident about handling both professional and personal lives with equal flamboyance. She has already proven that age and gender play the least role if you have the zeal to prove yourself and this holds true for every other woman out there. With Falguni Nayar behind the wheel, Nykaa’s journey has exponentially profitable and promising. Primarily focusing on women empowerment and providing great career opportunities for women the brand is gearing up to envisage more and more success in the future.
