Whenever we want to order skincare and makeup products online, Nykaa is one of the obvious choices that come to mind. The Nykaa app being downloaded by more than ten million people itself speaks a lot. With thousands of brands and lakhs of products available to cater, it has become the go-to shopping destination for wellness and beauty products. On this women’s day, we celebrate Falguni Nayar, the Founder of Nykaa, who revolutionized the beauty industry.
How It All Started?
While Nykaa was established back in 2012, Falguni Nayar’s expertise dates way back. She was born on February 19, 1963, and is an IIM Ahmedabad alumnus. Being born in a Gujarati family, the household chatter always included investments, the stock market and businesses. Before starting her venture, she already had a well-established, fruitful career of 18 years. She gave up the position of Managing Director at Kotak Mahindra Capital Co. for pursuing her dreams. It was hard for her to give up a successful career, but she always wanted to start something of her own from scratch.
As soon as she turned 50, she quit her job and took a leap of faith in pursuing what she always wanted to do. A courageous risk-taker to say the least. She got the idea of Nykaa when she started feeling empowered learning about which are the right beauty products for her and how to use them. She decided to give others the same experience through Nykaa where along with selling beauty products, she also aimed at educating her consumers. “I wanted to stand for those women who want to be beautiful for themselves, not for men or other women,” she aspired.
I wanted to stand for those women who want to be beautiful for themselves, not for men or other women.
- Falguni Nayar
Falguni Nayar Brought Nykaa into The Unicorn Club
Along with the Nykaa app and website, Falguni Nayar has her own beauty brand and the products are a part of the best-sellers list ever since. By having both online and offline stores, Nykaa has established an omnichannel. According to their website, they receive more than 13,00,000 orders every month and have emerged as India’s largest omnichannel beauty destination.
In April 2019, the company raised $14 million led by private equity firm TPG Growth. Later in the year, the company further raised another $30 million led by hedge fund Steadview Capital. It last raised an undisclosed amount from the Boston-based asset management firm, Fidelity Investments Inc. Nykaa is now a part of the unicorn club.
What Can We Learn From Falguni Nayar?
Falguni Nayar pursuing her dream of starting a business after 50, proves that it is never too late to pursue your dreams. As long as you are determined and ready to give it your all, it does not matter when you start your business. The beginning of her journey reflects her risk-taking stride and passion, while her ever-increasing success shows her zest to not only meet but exceed expectations.