Nykaa founder Falguni Nayar is now India’s wealthiest self-made female billionaire
Beauty startup Nykaa’s founder Falguni Nayar has become India’s wealthiest self-made female billionaire, according to the Bloomberg Billionaires Index, as shares made a strong stock market debut on Wednesday.
Nykaa shares saw a stellar debut on Dalal Street on Wednesday, November 10 with shares opening at Rs 2,001 on BSE, an increase of 77.87 per cent premium over the higher end of the issue price. On NSE, Nykaa stock opened made a debut at Rs 2,018, up over 79.83 per cent. On the day, FSN E-Commerce, Nykaa’s parent company, also became the first woman-led unicorn to debut at the stock market in India.
According to the Bloomberg news agency, the market cap of the beauty and fashion retailer hit an overall valuation of 1 trillion rupees ($13.5 billion) in the first five minutes of trade. Within an hour and a half, Nykaa’s market cap had already matched industry giants such as Britannia, Godrej, and IndiGo.
Nayar, who formerly led a top Indian investment bank, founded Nykaa in 2012 just months before turning 50. The woman-led unicorn offers 4,000 beauty, personal care and fashion brands through its website, app and 80-odd brick-and-mortar stores.
“I started Nykaa at the age of 50 with no experience. I hope the Nykaa journey can inspire each of you to be the Nykaa of your lives,” she said ahead of her company’s listing at the National Stock Exchange (NSE). Falguni Nayar, who owns almost half of Nykaa’s shares is now worth $6.5 billion as shares of her company surged to 89 per cent as they started trading on the day, according to a Bloomberg report.