A former banker quit her job to join the world’s rich with her startup

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Falgoni Nayyar, who owns about half of Nykaa, has become Indias richest self-made billionaire with an estimated fortune of $7 billion, after the company’s shares nearly doubled in its first trade on Wednesday.

This came after the parent company of Nike’s FSN E-Commerce Ventures, the first female-led unicorn in India to list on the stock exchange. Its initial public offering was priced at the upper end of the price range, raising 53.5 billion rupees ($722 million), while the stock rose 96% in its first trading day in Mumbai.

Nayar began her journey, leaving a senior position at an investment bank in India that she was at the helm, in 2012, just months before she turned 50.

Since then, the startup has grown into the country’s leading cosmetics retailer, boosting online sales with explainer videos by Bollywood actors and celebrities and owning more than 70 physical stores.

The word Naika in Sanskrit means “heroine”. The company’s sales rose 35% to $330 million in the year to March, according to the prospectus.

Nayar owns her stake in her company through 2 family funds and 7 other related entities.

While Nayar is Indias richest self-made billionaire, Savitri Jindal, who controls the OP Jindal Group founded by her late husband, is the richest woman in the country. Her fortune is estimated at $12.9 billion, according to the Bloomberg Billionaires Index.



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