Mumbai, October 17, 2025 – Falguni Nayar, the trailblazing former investment banker who traded boardrooms for beauty counters at age 50, founded Nykaa in 2012 to democratize access to premium cosmetics in a market long dominated by high-street elites. Now India’s leading omnichannel beauty and lifestyle platform with over 2,500 stores and a FY25 GMV of Rs 15,600 crore, Nykaa continues to expand globally, launching over 200 international brands this year alone and pursuing fresh IPO plans at a $7-7.2 billion valuation, underscoring the sector’s vibrancy where beauty e-commerce is projected to double to Rs 2 trillion by 2025 amid rising consumer aspirations for personalized, inclusive shopping.
Table of Contents
From Banking Boardrooms to Beauty Visionary
Falguni Nayar was born on February 19, 1963, in Mumbai, Maharashtra, into a family that valued education and enterprise. She earned a bachelor’s degree in commerce from Sydenham College of Commerce and Economics, University of Mumbai, followed by a postgraduate diploma in management from the Indian Institute of Management Ahmedabad in 1985. Her career began at A.F. Ferguson & Co. as a management consultant before she joined Kotak Mahindra Capital in 1993, rising to Managing Director by 2009, where she orchestrated over 30 IPOs and deals worth $10 billion.
Nayar’s pivot to entrepreneurship came after nearly three decades in finance, inspired by her passion for beauty and the glaring gap in affordable, authentic products for Indian consumers. “I saw an opportunity to build a platform that empowers women with choices they deserved,” Nayar shared in a 2024 Forbes India interview. Married to Sanjay Nayar, CEO of Kedaara Capital, since 1987, she has two children—Adwaita Nayar, Nykaa’s CEO, and Anchit Nayar, head of the fashion vertical—who play key roles in the family-run business, blending generational insights for innovation.
Launching Nykaa: A Multi-Brand Revolution
Nykaa, short for FSN E-Commerce Ventures, started as an online beauty retailer in April 2012 with a modest Rs 20 lakh investment from family savings. Nayar’s finance acumen shone through in its inventory-led model, ensuring quality control over 2,500+ brands like MAC, Estée Lauder, and homegrown Fenty Beauty. The platform pioneered features like virtual try-ons and personalized recommendations, expanding to fashion in 2018 with Nykaa Fashion and offline stores in 2015.
By 2020, Nykaa had 100+ physical outlets, including flagship Luxe stores and experiential kiosks. The COVID-19 pandemic accelerated its digital shift, with ‘Nykaa Now’ offering 30-120 minute deliveries in seven cities. Nayar’s hands-on leadership—overseeing everything from supplier negotiations to marketing—drove early profitability, a rarity for e-commerce startups.
Scaling Success: IPO Milestone and Global Footprint
Nykaa’s breakthrough came with its November 2021 IPO, raising Rs 5,352 crore at a $13 billion valuation—the largest for an Indian woman-led firm—propelling Nayar to billionaire status overnight. Shares debuted at a 90% premium, reflecting investor faith in its 38% revenue growth to Rs 2,453 crore in FY21. Post-IPO, the company acquired Little Black Book for content synergy and expanded to the GCC region, with plans for 180-200 new stores in FY26.
Family involvement deepened: Adwaita joined in 2015, scaling the fashion arm, while Anchit launched ‘Nykaa Wali Shaadi’ campaigns. Nayar’s strategic hires, like beauty experts from L’Oréal, fortified operations. Challenges, including a 2022 franchise dispute resolved via court stay, tested resilience, but Nykaa’s focus on omnichannel integration—90% online GMV from apps—sustained momentum.
Nykaa’s Revenue Growth Overview
| Fiscal Year | Revenue (Rs Crore) | Key Milestone |
|---|---|---|
| FY21 | 2,453 | Pre-IPO profitability; 38% YoY growth |
| FY22 | 3,254 | Fashion segment launch; 126% order surge |
| FY24 | 5,428 | Global brand launches; 25% GMV rise |
| FY25 | ~6,652 | 27% Q3 surge; 200+ new international brands |
Source: Company filings and reports cited in The Economic Times and Business Standard.
Impact and Recognition: Championing Women in Retail
Nykaa’s rise empowers women: 70% of its 5,000+ workforce is female, with initiatives like ‘House of Nykaa’ tripling in-house brands’ GMV since IPO. It supports artisans through sustainable sourcing and launched ‘Nykaaland’ experiential events, boosting engagement. Nayar’s accolades include EY Entrepreneur of the Year 2019, Forbes Self-Made Women #31 (2025), and Hurun India’s richest self-made woman at Rs 38,700 crore ($4.6 billion) in 2024, though estimates vary to $1.1-3.64 billion in 2025 per Forbes and Hurun.
Her story resonates in a male-dominated sector, inspiring mid-career shifts. “Rejections built me; mom guilt fades with purpose,” Nayar told CNBC-TV18 in January 2025 alongside Adwaita, discussing family-business balance.
Broader Relevance and Future Glow
Nykaa matters by bridging urban-rural divides—62% GMV from Tier-II/III cities—and fostering inclusivity with diverse shades and sizes, in a $60 billion fashion market tripling by 2025. It creates economic ripples, employing thousands and elevating Indian beauty globally.
With IPO relaunch plans at $7-7.2 billion and Southeast Asia forays, Nykaa eyes Rs 20,000 crore GMV by FY27. Nayar’s late-blooming legacy—from banker to billionaire—reminds that reinvention knows no age. As she reflected in Entrepreneur India (August 2025), “FY25’s strength proves beauty’s best is yet to come.” Her empire not only sells glamour but glows with empowerment.
In a world craving authenticity, Nykaa mirrors the beauty within.
Also read: Unlocking Rewards: Kunal Shah’s CRED Revolutionizes
Last Updated on Friday, October 17, 2025 6:19 pm by The Entrepreneur Today Desk
About The Author
