The founder of ecommerce beauty platform Nykaa, Falguni Nayar, has entered the league of top billionnares in the world.
Falguni and her husband were among the top 10 wealthiest entrants in the M3M Hurun Global Rich List 2022.
“Falguni Nayar’s Nykaa, a beauty and fashion ecommerce platform, was listed at a premium of over 82 per cent, and the market cap crossed Rs 1 lakh crore post listing," the research and luxury publishing group Hurun India said in a note.
According to the Forbes real-time billionaire's list, Nayar was worth $5 billion, as of March 17 afternoon.
Nayar's wealth has been propelled by the IPO of her beauty startup, turning her into India's wealthiest female billionaire, according to a Bloomberg report in November 2021.
Nayar, who formerly led a top Indian investment bank, founded Nykaa in 2012 just months before turning 50. It was at a point in time when most Indian women bought makeup and hair-care products at neighborhood mom-and-pop stores where the selection was scanty.
The startup has since grown into the country’s leading beauty retailer, buoying online sales with demo videos by glamorous Bollywood actors and celebrities and more than 70 brick-and-mortar stores. Nykaa, derived from the Sanskrit word for heroine, sells items including exfoliation creams, bridal make-up essentials and hundreds of shades of lipstick, foundation and nail colour.
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Published 17 March 2022, 09:30 IST