Startup Originals Team
Falguni Nayar’s journey from an acclaimed investment banker to the founder of India’s first major beauty e-commerce platform, Nykaa, is a tale of reinvention, courage, and relentless pursuit of a dream. Launching her startup at the age of 50, Falguni has inspired millions by proving that ambition and innovation know no age limits. Today, she stands as India’s wealthiest self-made female billionaire and a beacon for aspiring entrepreneurs across the world.
Early Life and Foundation:
Born on February 19, 1963, in Mumbai to a Gujarati business family, Falguni was deeply influenced by her father, who ran a small bearings business, and her mother, who managed the accounts. Watching her parents navigate the ups and downs of entrepreneurship, she inherited grit and business acumen early on.
She pursued a Bachelor of Commerce degree from Sydenham College, followed by an MBA from the prestigious Indian Institute of Management Ahmedabad. At IIM, she met her future husband, Sanjay Nayar, who would go on to become the CEO of Kohlberg Kravis Roberts India. The couple is blessed with twins, Adwaita and Anchit, who now play prominent roles at Nykaa.
Stellar Corporate Career:
Falguni’s professional journey began at A.F. Ferguson & Co. as a management consultant. In 1993, she joined Kotak Mahindra Group, where she played several key roles including leading mergers and acquisitions and setting up international offices in London and New York. Rising through the ranks, she became Managing Director of Kotak Mahindra Capital and Director of Kotak Securities.
Despite her extraordinary success, after nearly two decades at Kotak, Falguni yearned for something more-her own legacy.
The Genesis of Nykaa:
Falguni noticed a clear gap in the Indian beauty market: Indian consumers lacked access to quality, authentic beauty products and global brands through a trusted platform. Inspired by modern retail experiences abroad and motivated by her own love for beauty products, she founded Nykaa in April 2012, investing $2 million of her own savings.
Operating initially from a small office with just three employees, including her daughter, Falguni focused meticulously on curating authentic brands and building consumer trust. Nykaa started as a completely online retailer before expanding into omnichannel retail with over 100 physical stores across India.
Overcoming Challenges:
Building an e-commerce business in a market dominated by offline retail was a tough challenge. Falguni faced skepticism from all quarters, battled logistic and inventory issues, and had to convince both suppliers and customers to believe in her vision. By focusing on genuine products, wide selections, informative content, and reliable delivery, Nykaa gradually won over the Indian consumer.
Unprecedented Growth and Milestones:
Nykaa rapidly became a household name, thanks to its customer-centric approach, strategic marketing, and early adoption of influencer-driven digital campaigns. The company consistently grew over 100% year on year and now lists more than 1,300 brands and 1,30,000 products, serving millions each month.
By 2020, Nykaa became India’s first woman-led unicorn, valued over $1 billion. In November 2021, its public listing at a $13 billion valuation made headlines, transforming Falguni into India’s richest self-made female billionaire almost overnight, with a post-IPO net worth that soared to $6.5 billion.
Leadership and Family Involvement:
Falguni’s family plays an integral role at Nykaa. Her daughter, Adwaita Nayar, leads Nykaa Fashion, and her son, Anchit Nayar, manages the beauty e-commerce business. Her husband, Sanjay Nayar, brings global investment wisdom as the head of a leading equity firm.
Broader Impact and Recognition:
Falguni Nayar has not only built a market leader-she’s changed perceptions about age, gender, and leadership in India. Her success is a testament to vision, persistence, and the value of embracing risks later in life. She has earned numerous honors, including ‘EY Entrepreneur of the Year’ (2019, 2021), Economic Times’ ‘Businesswoman of the Year’, and features in Forbes, Vogue, and other international business publications.
Nykaa Today and Looking Forward:
Nykaa stands as a leading beauty and fashion player in India with robust digital and offline presence. The company’s continued growth is driven by innovations in private labels, category expansions, and technology adoption. Today, with tens of millions of users, Nykaa is synonymous with beauty and trust in India, while Falguni continues to inspire entrepreneurs globally to pursue their dreams-at any age.
Falguni Nayar’s story proves that courage, clear vision, and relentless execution can build iconic brands and transformative businesses-no matter when you start.
