According to the Bloomberg Billionaires Index. Falguni Nayar who owns about half of Nykaa has become India’s wealthiest self-made female billionaire.
Falguni formerly led a top Indian investment bank. She founded Nykaa in 2012 just before she turned 50. It has grown into the country’s leading beauty retailer.
Nykaa is derived from the Sanskrit word for heroine. It sells creams, bridal make-up essentials, lipsticks, foundation and nail colour to suit Indian skin tones and the local weather. Its sales surged and reached $330 million this year.
Falguni owns her company stake through two family trusts and seven other promoter entities. Her son and daughter are among the promoters and they run different Nykaa units too.
Nykaa is said to have changed Indians’ outlook with regard to make-up and grooming products. People have now started to take their looks seriously and have started splurging on grooming products.