Nykaa founder Falguni Nayar is India’s richest woman
Falguni Nayar, the founder of Nykaa, is currently the wealthiest woman in India, according to the IIFL Wealth Hurun India Rich List 2022, which was published on Wednesday. On a list of the top 100 billionaires, the businessman with a net worth of 38,700 crores is rated number 33. She has surpassed Biocon founder Kiran Mazumdar-Shaw to take the top spot among self-made Indian women in terms of wealth.
According to the report, Nykaa, the family’s flagship company that manufactures beauty and wellness products, surged by 345 per cent in the previous year to reveal a net worth of 38,700 crores. She rose from 169 to 33 on the all-time list, which is headed by Gautam Adani, who has a net worth of more than $10 lakh crore.
Falguni Nayar, the founder of Nykaa, is currently the richest woman in India, according to the IIFL Wealth Hurun India Rich List 2022, which was published on Wednesday. On a list of the top 100 billionaires, the businessman with a net worth of 38,700 crores is rated number 33. She has surpassed Biocon founder Kiran Mazumdar-Shaw to take the top spot among self-made Indian women in terms of wealth.
According to the report, Nykaa, the family’s flagship company that manufactures beauty and wellness products, surged by 345 per cent in the previous year to reveal a net worth of 38,700 crores. She rose from 169 to 33 on the all-time list, which is headed by Gautam Adani, who has a net worth of more than $10 lakh crore.
Falguni Nayar has seen her fortune increase by 345 per cent, placing her second among gainers in terms of percentage. Ravi Modi, the owner of Vedant Fashions, tops the list with a rise in wealth of 376%.
According to Hurun India, the cumulative fortune of the billionaires increased to $100 billion for the first time since the rich lists’ inception, surpassing the combined GDPs of Singapore, the United Arab Emirates, and Saudi Arabia. For the very first time in history, Gautam Adani surpassed Mukesh Ambani to become the wealthiest Indian during the course of the previous year, earning 1,600 crores daily basis.
According to the IIFL Wealth Hurun India Rich List 2022, Falguni Nayar, the creator of the online retailer Nykaa, is the richest self-made Indian woman; Released just now
The 59-year-old beauty product tycoon surpassed Kiran Mazumdar Shaw, 69, better known as the “Biotech Queen” at Biocon, according to the Hurun India Wealthy list. It’s interesting to note that, according to the IIFL Wealth Hurun India Rich, “the list has become more ‘inclusive'” this year. In contrast to the 13 women on the list ten years ago, there are 55 women this year.
Notably, Nykaa founder Falguni Nayar received the EY Entrepreneur of the Year 2021 award earlier this year. At the next EY World Entrepreneur of the Year Award, she will now represent India.
Falguni Nayar, a former investment banker who became an entrepreneur, upended the brick-and-mortar beauty market in 2012 by selling cosmetics online. Her business, Nykaa, is one of the nation’s most successful startups with a significant omnichannel presence.
In the last two years, Falguni has grown her enterprise above cosmetics into fashion and lifestyle categories. As a result, she now boasts a renowned collection of more than 2,600 multinational companies and more than 100 retail locations. The business recently completed a successful IPO to generate new funds for expansion. According to the release, Falguni won the 2019 EY Entrepreneur of the Year Award in the Start-up category.
The Nykaa story
When Nayar was a few months away from turning 50 in 2012, she began construction on Nykaa. Nayar, who had spent most of her career working in banking, adapted to entrepreneurship like a fish to water.
This was due to her roots, according to an interview she gave to The Economic Times in 2017. She was raised in a Gujarati home where her mother helped her father manage a modest bearings business. Therefore, investments, the stock market, and trade were the topics of conversation in the home. She had stated in the interview, “Plus, I’m Gujarati,” so owning a business was in her blood.
In its early years, as the emphasis was on developing an inventory-led firm, Nykaa was funded solely by Falguni and her husband, Sanjay Nayar (the chairman of private equity major KKR & Co. in India). She said: “The business was funded for two years by my parents’ money since I did not wish to create income. I wished to bring about the metrics. By the time I went to investors, we were moving along nicely. Since my spouse and I both worked in banking, we had access.
Since its launch ten years ago, Nykaa has undoubtedly grown to be one of the most well-known online marketplaces for beauty and personal care (BPC) products. In addition, Nykaa provides an omnichannel experience by way of its physical stores and the Luxe branding, concentrating on the luxury market segment.
She used banking to get ahead.
Falguni Nayar, a graduate in business, went on to the famous Indian Institute of Management in Ahmedabad to obtain her Master’s in Business Administration. She worked in the corporate sector for a few years before joining Kotak Mahindra Capital Co. as an investment banker in 1993.
It ended up being a committed relationship that lasted for the majority of her career. When she made the decision to leave her employment in 2012 to begin her entrepreneurial career with Nykaa, she had worked there for 19 years and was the managing director and head of its institutional equities division.
Edited by Prakriti Arora
