Form of words:
Bangalore: Falguni Nair’s beauty startup has put her in the ranks of the richest people in the world.
Nair, who owns nearly half of Nykaa, is now worth about $6.5 billion as the firm’s shares rose up to 89% when they began trading on Wednesday. According to the Bloomberg Billionaires Index, she has become the richest self-made female billionaire in India.
FSN E-commerce Ventures, the parent unit of Nykaa, is India’s first female-led unicorn to enter the stock exchange. It raised the price of its initial public offering by 53.5 billion rupees ($722 million) to put it at the top end of a marketing range. The stock was up 78% as of 10:36 am in Mumbai.
Nair, who previously headed a top Indian investment bank, founded Nykaa in 2012, a few months before he turned 50. At the time, most Indian women bought makeup and hair care products from neighborhood mom-and-pop stores where the selection was few and testing was unheard of. NS.
The startup has since grown into the country’s leading beauty retailer, spurring online sales with demo videos by glamorous Bollywood actors and celebrities and more than 70 brick-and-mortar stores. Nayaka, derived from the Sanskrit word for heroine, sells items including exfoliation creams, bridal makeup essentials and hundreds of shades of lipstick, foundation and nail color to suit Indian skin tones, skin types and local seasons. According to its filing, its sales rose 35% to $330 million in the year ended March. Nykaa is a profitable company, a rarity among Internet startups ushering in the public markets.
Nair holds stake in his company through two family trusts and seven other promoter entities. His Ivy League-educated daughter and son, who run separate Nykaa units, are among the promoters.
While Nair is India’s richest self-made female billionaire, Savitri Jindal, who controls the OP Jindal Group conglomerate founded by her late husband, is the richest woman in the country. According to the Bloomberg Billionaires Index, a ranking of the 500 richest people in the world, his fortune is valued at $ 12.9 billion.
Nykaa’s IPO is one of several consumer Internet companies making their debut this year amid a rising stock market. Warren Buffett’s Berkshire Hathaway Inc. And Paytm, India’s leading digital payments firm backed by Masayoshi Son’s SoftBank Group Corp, closed for membership on Wednesday. One97 Communications Limited, its operator, is vying for a listing for $2.5 billion, the largest listing in the country.
Nayar told Bloomberg ahead of the IPO that Nykaa has changed the way Indians look with just lipstick and kajal eyeliner, but “we have a long way to go.” Women and even men in a country of 1.3 billion people have begun to open their wallets to makeup and grooming products. —bloomberg
Read also: Nykaa Fully Subscribed on Day 1 of $711 Million IPO Share Sale
subscribe our channel youtube And Wire
Why the news media is in trouble and how you can fix it
India needs free, unbiased, non-hyphenated and questionable journalism even more as it is facing many crises.
But the news media itself is in trouble. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, crude prime-time spectacle.
ThePrint has the best young journalists, columnists and editors to work for it. Smart and thinking people like you will have to pay a price to maintain this quality of journalism. Whether you live in India or abroad, you can Here,