Falguni Nair, founder of beauty startup Nykaa, has become India’s richest self-made female billionaire, according to the Bloomberg Billionaires Index, as stocks made a strong stock market debut on Wednesday.
Nairs, who own about half hero, is now worth about $6.5 billion as shares of the firm rose 89% when they began trading on Wednesday. FSN E-commerce Ventures, the parent unit of Nykaa, is India’s first female-led unicorn to enter the stock exchange.
Founded in 2012 by former investment banker Falguni Nair, the female-led unicorn offers 4,000 beauty, personal care and fashion brands through its website, app, and 80-odd brick-and-mortar store.
After graduating from IIM Ahmedabad, Falguni started his career in consultation with AF Ferguson & Co. He spent 18 years at Kotak Mahindra Bank, operating multiple businesses and was the Managing Director of Kotak Mahindra Investment Bank, and was a director at Kotak Securities – the institutional equity division of the bank.
Leading 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 1500+ brands including its own private label Which is available online and across 68 stores in India.
Nykaa is a profitable company, a rarity among Internet startups ushering in the public markets. Nair holds stake in his company through two family trusts and seven other promoter entities. His Ivy League-educated daughter and son, who run separate Nykaa units, are among the promoters.
(with inputs from Bloomberg)
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