India’s favourite go-to beauty portal Nykaa owner has just charted a dream debut on India’s national stock exchange. An investment banker for over 2o years, Falguni Nayar started Nykaa almost a decade ago in 2012.While the start-up kept growing ever since it was established, it grew into India’s leading beauty e-tailer to a level that its initial public offering (IPO) before Diwali was approximately 82 times oversubscribed.
The shares of Nykaa’s parent company, FSN E-commerce Ventures Ltd., soared as high as 89% over their IPO price, giving Nykaa Cosmetics a market value of about $13 billion. Nayar, who owns more than half the company along with family trusts, now has a net worth of $6.5 billion apart from TVS Capital and Stead view Capital who are the main investors of the company and Bollywood stars Katrina Kaif and Alia Bhatt, who have a minority stake.“I started Nykaa when I was 50 with no experience, and I hope the Nykaa journey inspires each of you to be the Nykaa (heroine) of your lives,” said Nayar, before ringing the opening bell at the National Stock Exchange on Wednesday.
