Nykaa is an Indian e-commerce startup based in Mumbai and was started by Falguni Nayar in 2012. It provides beauty, wellness, and fashion products online, on mobile apps, and in 84 physical locations. It was the first unicorn business in India to be led by a woman in 2020.
Nykaa sells products created in India as well as other parts of the world. The company transitioned from an online-only to an omnichannel strategy in 2015, and it began to offer things other than beauty. Through its numerous platforms, it will have sold over 2,000 brands and 200,000 products by 2020. Nykaa, the online commerce platform founded by investment banker Falguni Nayar, has been named to the latest TIME100 list of the world’s most influential firms, only months after the company went public.
TIME reported on its official website that Nykaa has grown into one of India’s largest cosmetics and lifestyle companies ten years after being launched by entrepreneur Falguni Nayar with the purpose of empowering Indian women.
“The company’s IPO in November raised $700 million at a $13 billion valuation, making CEO Nayar India’s richest self-made businesswoman.” According to the journal, despite a 23 percent drop in net earnings due to expansion and marketing in the nine months ending in December, revenue rose 65 percent year over year to $376 million.
Nayar is the richest self-made woman billionaire in India. She is also the most recent addition to Hurun’s Global Rich List for the year 2022. Her personal wealth has increased dramatically in recent years, particularly since the e-commerce platform’s first public offering (IPO) in November 2021.