India today is emerging as a hub of start-ups and influential entrepreneurs and a significant contribution of women can be seen in it. India’s startup ecosystem, currently ranked third-largest globally, is witnessing an unprecedented boom, with women entrepreneurs playing a pivotal role in this surge. One such influential woman is Falguni Nayar, the founder of Nykaa.
Who is Falguni Nayar?
Falguni Nayar is the founder and CEO of Nykaa, India’s leading beauty and wellness e-commerce platform. Born to a Gujarati family on the 19th of February 1963, Falguni Nayar was raised in Mumbai. Her father was a businessman in a small business assisted by her mother. She is a graduate of B.Com from Sydenham College of Commerce and Economics and a postgraduate from the Indian Institute of Management Ahmedabad (1985 batch). Before founding Nykaa in 2012, she had a successful career as an investment banker at Kotak Mahindra Capital.
Birth of Brand Nykaa
Nayar ventured into entrepreneurship at 50, defying traditional career paths. She envisioned Nykaa Fashion as a one-stop destination for all beauty and wellness needs, offering a wide range of products and brands.
The Nykaa founder story is intriguing, as it defines the proverb “Better late than never!” In 2009, at 46, Falguni aspired to start a company. She got a few ideas in 2011, including establishing a multi-brand e-commerce platform. As a result, she quit her job in 2012 to launch her own business. Even after working for 20 long years in Kotak Mahindra, she understood she had the zeal to take up her own business. As a woman, she loved make-up and skin care, further pushing her to create her cosmetics brand.
Growth Journey of Nykaa
Under her leadership, Nykaa has experienced remarkable growth, becoming a household name in India’s beauty industry. Nayar’s entrepreneurial journey and success have inspired many women and entrepreneurs in India. She has been recognized for her achievements, including being listed on Forbes India’s list of self-made women billionaires.
First Woman Unicorn of India
In 2020, Nykaa became the first-ever Unicorn in India, initiated and led by a woman! In her interview with Mint, Falguni Nayar, who is Nykaa’s Founder, expressed that she wished to serve the interests of all stakeholders. She also added that she envisions making Nykaa a leading retail player in the industry.
Powerful Women Entrepreneur
With an ever-rising net worth, Falguni Nayar (Nykaa Founder) was honored to be on the “Most Powerful Women Entrepreneurs” list in 2016. These honors are not only a result of the financial growth that her brand has created. But they are also the epitome of the social and market change that Falguni Nayar has created through her brand. Nykaa has over 1.5 million orders a month per month, which is effectively managed by their team. They also generated a good market base and created employment opportunities for Indian youth.
Story of Falguni Nayar
The story of Falguni Nayar speaks courage in all languages. It tells us there is no age to do what you aspire to. Nykaa is growing to larger scales in offline and online markets, and tracking its expansion activities only gives a little insight into how far it will go. The impact of women entrepreneurs on the economy is substantial, with their ventures generating employment opportunities for millions of individuals in the country. Ventures led by women employ over 27 million individuals, contributing significantly to economic growth and job creation.
According to Bain and Co, approximately 15.7 million women-run enterprises in India constitute 22 percent of the overall entrepreneurial landscape, with the potential to rise to 30 million. Overcoming numerous challenges and seizing opportunities, these women are not only navigating the entrepreneurial landscape but also instigating profound changes within it.
(Written and researched by Vandana Gehlaut)
