Falguni Nayar has made it to the coveted list of women who have become billionaires on their own this week. The beauty startup started by Nair got listed on the stock market on Wednesday and almost doubled its value on the very first day.
Falguni Nair runs a company named FSN E-Commerce Ventures Ltd, which has raised Rs 53.5 billion through its Initial Public Offer (IPO) issue and its shares during the first day of trading There was a rise of 96%. Falguni Nair owns about 50% stake in the company and with this blazing listing, his assets have been valued at around $7 billion. According to the Bloomberg Billionaires Index, Falguni Nair is now the richest woman in the country to become a billionaire on her own.
“Women need to keep the focus of their lives on themselves,” Nair said in an interview to Bloomberg after listing her company. I hope more women like me dare to dream for themselves.
Falguni Nair started his company in 2012, which runs the e-commerce site Nykaa. Earlier, Nair was an investment banker, advising other entrepreneurs on the IPO process. At that time, most Indian women preferred to buy beauty and hair-care products from their neighborhood shops, where there was a lack of more options and hardly anyone had heard of trial before buying a beauty product.
She saw an opportunity here to launch an online beauty portal where customers can easily access quality and high-end beauty products with just one click and also get tutorials on how to use them and testimonials from previous customers.
Nayar said, “India is going to be a big retail market. Indians will want more. Their spending power will increase and they will spend more on lifestyle brands and services. Nykaa is in a good place.”
Nykaa has been established today as the leading beauty retailer of the country. It has seen a spurt in its online sales with demo videos of several Bollywood stars and celebrities. In addition, it also has 70 offline stores. Nayaka is a Sanskrit word which means heroine. Nykaa sells a range of items on its portal including exfoliation creams, bridal makeup accessories, hundreds of shades of lipstick, foundations and nail colors that suit Indian skin.
Nair said that there are many more opportunities ahead. In a country with a population of 1.3 billion, men are also now spending on makeup and grooming products. “We have built the company with a growth plan spanning several years to meet the needs of a very large beauty and fashion e-commerce market in India,” he added.
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