Who is Falguni Nayar and what is Nykaa?

Falguni Nayar is the founder of Nykaa, a popular Indian beauty and fashion e-commerce company she established in 2012.

When did Nykaa go public and what was its impact?

Nykaa had its Initial Public Offering (IPO) in November 2021, which was heavily oversubscribed and led to its valuation reaching approximately $13 billion.

What was Falguni Nayar's career before Nykaa?

Before founding Nykaa, Falguni Nayar had a distinguished career in investment banking, holding senior positions at Kotak Mahindra Group for nearly three decades.

Home / Business and Economy / Banker's Bet: From Boardrooms to Billionaire Beauty

Banker's Bet: From Boardrooms to Billionaire Beauty

23 Dec, 2025

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Summary

Falguni Nayar left investment banking to build her own company.
Nykaa achieved Rs 7,950 crore revenue in FY25.
The company went public in November 2021, making Nayar a billionaire.

Banker's Bet: From Boardrooms to Billionaire Beauty

Falguni Nayar, a prominent figure in Indian finance, left her late-forties investment banking career to establish Nykaa, a beauty and fashion retail company, in 2012. Her decision stemmed from a desire for ownership and a keen observation of market inefficiencies.

Nykaa's journey began with an initial $2 million investment and an inventory-led model, a strategic choice that prioritized authenticity and control over the then-popular marketplace approach. This disciplined strategy, rooted in her banking background, focused on reduced risk and operational complexity, setting Nykaa apart.

The company's public listing in November 2021 was highly anticipated, with its valuation soaring to approximately $13 billion, instantly making Falguni Nayar India's first self-made female billionaire. Nykaa's financial performance has been robust, reporting Rs 7,950 crore in revenue for FY25, demonstrating sustained growth.