In today's society, beauty is no longer considered an indulgence, but a requirement that transcends geographical boundaries, age groups, and gender. The beauty, wellness, and fashion industries are expanding rapidly. Starting from regular face soaps to different skin solutions, ingredient-led formulas, and state-of-the-art skincare routines. Flaunting a ravenous hunger for business for more than two decades, Falguni Nayar, the creator of Nykaa, finally gave it up to pursue her passion for the beauty and wellness industry.

Nykaa is an Indian e-commerce firm that specializes in the sale of beauty and wellness items to consumers in the Indian subcontinent. The company offers both online and offline services, currently expanding its land-based shops. Their first target was the women's market, followed by a recent expansion selling men's beauty and fashion products. This is the tale of a wonderful lady who had the bravery to leave her day job and follow her love for beauty and health, full-time.

The One in the Spotlight

Falguni Nayar was born and raised in the gem of the Indian peninsula - Mumbai. Her father was a successful businessman who owned and operated a ball-bearing manufacturing company. Falguni’s mother used to be a part of her father's company operations, and her brother works in the medical field.

Falguni had a normal and peaceful childhood, a pretty typical one. Living in a well-situated family, Falguni took the opportunity to study and get a degree from the Sydenham College of Commerce and Economics. After her graduation, the Indian Institute of Management Ahmedabad has awarded Falguni a postgraduate degree. The management consultancy firm A F Ferguson & Co. employed Falguni in 1985. She joined the Kotak Mahindra Group's M&A team in 1993, where she remained for the next 19 years! Talk about loyalty! Falguni was promoted to managing director in 2005 and left the firm in 2012 with the same position.

Finally, at the ripe age of 50, by means of seed capital investment, Falguni created Nykaa. The ancient Sanskrit word "nayaka", which means "one in the spotlight," is the inspiration behind the company name - Nykaa.

Who says that you cannot run a successful business and maintain a family life? Falguni is married and has two kids with her spouse Sanjay.

Adorned With Honors

Falguni, remarkable as she is, has caught the public's attention and has received multiple awards and recognitions. Business Today included her in two of their most prominent lists. Once in the Most Powerful Women in Indian Business list, and another time in Most Powerful Women in Business Awards 2019.

Fortune Magazine positioned Falguni among the 50 Most Powerful Women in India for three consecutive years since 2018. Then, Vogue India acknowledged her as the Business Person Of The Year for 2019. Falguni also found her name in the envelope announcing the Best Startup Entrepreneur for 2019, an award by Ernst & Young.

One more award, maybe the most reputable, came from Forbes Asia, which awarded Falguni's work and put her on the list of Power Businesswomen 2019.

Recognition came knocking on Falguni's door thanks to her dedication, persistence, and sheer belief in herself. Making it big in a male-dominated world is not something to be overlooked. Instead, it's praised.

Product Evolution

Nykaa started out as an online shop for women’s beauty, wellness, and fashion accessories, while also featuring a few products for men. Men's grooming was one of the fastest-growing categories for Nykaa, but the company's main page only provided a small assortment of items.

For men, the company launched Nykaa Man in October 2020, with goods ranging from grooming kits to beard care to sexual health and sports nutrition available. After careful examination of the market and its clients, the research suggested that 15 % of the company's social media followers are male, and roughly 20% of their traffic originates from males and male-oriented items.

Nykaa Fashion, the retail arm of Nykaa, went offline and started opening their own brick-and-mortar shops in India. The company's first store was opened at the Ambience Mall in Vasant Kunj in India's capital city New Delhi. Since then, it has managed to open more than 70 shops across India, offering products from over 1.500 brands.

Going Public

Founder and Chief Executive Officer, Falguni, said that Nykaa has been planning for an Initial Public Offering (IPO) since the beginning of 2018. Preliminary permission from the Securities and Exchange Board of India was obtained by Nykaa in October 2021. The company conducted an initial public offering on the Indian stock exchanges of the National Stock Exchange and the Bombay Stock Exchange.

As the first firm in India to list on the stock exchanges in the beauty and wellness sector, it will definitely make history.

Money Makes the World Go Round

Nykaa has collected money via a series of fundraising rounds since its inception in 2012. Nykaa secured $13 million in funding from Steadview Capital in March 2020, elevating the company to a unicorn startup status with a market capitalization of $1.1 billion. Steadview then provided an additional $8.9 million in financing in May 2020, bringing the total cash raised to $10.9 million.

According to the company, during a subsequent investment round in October 2020, Bollywood celebrities Alia Bhatt and Katrina Kaif contributed undisclosed sums to the firm. A secondary sale of shares from an existing equity investor resulted in an investment by a global asset management firm, Fidelity.

Social Responsibility and Civic Duty

Education, health, women's rights and empowerment, rural development, and disaster management are some issues Nykaa supports. Sneha and Benefactory are two of its most noteworthy CSR partners; the PM CARES Fund and SPARSH India are the other significant organizations Nykaa has collaborated with. In addition, GiveIndia and Nykaa collaborated on Covid-19 relief efforts in 2021.

The Omnipresent Nykaa

Nykaa's YouTube channel, Nykaa TV, features beauty and fashion content. Users can find films on beauty, cosmetics, and style.

Following the online world of today, Nykaa originated some popular hashtags to raise awareness on several emerging issues. #BreakTheHashtag (with Tapsee Pannu), Beauty in Her Story (with Netflix), #WhatMakesYouBeautiful (with acid attack victim and activist Laxmi Agarwal), online series Tinderella, Khoj (a Mother's Day film), and Rakshak (a Raksha Bandhan special film) are some of Nykaa’s trending hashtags.

The Nykaa Network has catered to the beauty and fashion community since 2018. In 2020, it released The Beauty Bar, a web serial. Nykaa also hosts the beauty and fashion magazine called Beauty Book.

Today’s Affairs

Nykaa's headquarters are located in the city of Mumbai, Maharashtra. The company currently has eight active employee profiles, including its founder and CEO, Falguni Nayar. The company's revenue for the year 2021 is $320 million, and its net income is worth $8.1 million for the same year.

The company claims that by using omnichannel strategies, it manages to stay ahead of its competitors like Myntra, Plum, and Amazon, among others. Multichannel retailing expands into omnichannel retailing. Digital technology, social media, and mobile devices have significantly changed the retail landscape, allowing Nykaa to reinvent its marketing and product strategies.

Last But Not Least

If there is one thing that we learned from the tale of this company, it is that it's never too late to pursue your dreams. Our protagonist, Falguni, is a living example of a woman that left a high-paying job to make her dreams come true. The formula? Imagination, hard work, and the most important of all - believing in yourself!