“YOUR BEAUTY, OUR PASSION”
On 10 November 2021, Falguni Nayar, founder of beauty startup Nykaa, became India’s wealthiest self-made female billionaire. Nykaa’s IPO (Initial Public Offering) was listed, and as shares of the firm surged to a whopping 89 percent, Nayar, who owns half of the company, is now worth $6.5 billion. She is the country’s first woman-led unicorn to hit the stock exchange. Nayar’s journey began around ten years ago, when she quit her job as the managing director of the Kotak Mahindra Group to start something of her own. She was just shy of turning 50 at the time. In April 2012, leaving her ‘ideal’ life behind, Falguni Nayar gave herself the tag – CEO of Nykaa. “People thought I was crazy,” said Nayar in a statement given to Vagabomb. She observed the online market and its growth in India. The choice of the beauty segment came both from her love for make-up and the potential online market waiting for someone to come up with such a platform. This amazing growth of the Nykaa (Cosmetic Industry) is the result of the growing demand for cosmetic products, mainly from teenagers and young adults, and the rapid digitalization of the industry, much to the benefit of all. Nykaa is one of the key players in the cosmetic industry, which boasts of its wide range of beauty, fashion and wellness products that it makes available to both physical and digital customers. Besides, with its foray into the men’s and women’s innerwear segment, by launching Nykd and GLOOT, Nykaa is planning to earn a big name in the personal care space too! Being a latecomer in the cosmetics market, Nykaa has to battle numerous professional players. Ajio and Myntra are some of the biggest players operating in Nykaa’s market. Besides, it also needs to create a USP in fashion. In the initial days when Nykaa started, its website would crash every now and then. When it touched 100 orders, its system would shut down. However, it fixed these issues and continued growing the business. The mission statement of Nykaa reads as – “Inspiring Indians, both men and women to make fashion & lifestyle choices that best suit them.” The brand name ‘Nykaa’ is derived from the word ‘nayaka’, which means ‘one who is under the spotlight’ in Sanskrit. Nykaa became the leading e-commerce and beauty retail platform within just 4 years.
