India’s new billionaire, Falguni Nayar, built a beauty empire

Share on FSN E-Commerce Ventures, the owner of the Nykaa cosmetics e-commerce site, has risen since they started trading in Mumbai this week. The stock has more than doubled its issue price, making the company worth nearly $ 14 billion, eleven times the valuation on its last round of private financing in 2020.
As a result, founder and CEO Falguni Nayar, one of the few Indian women to start and run a technology company worth more than $ 1 billion, has seen her net worth skyrocket to nearly $ 7 billion. Dollars. That makes her the nation’s newest self-made billionaire, according to the Bloomberg Billionaires Index.

Nayar founded the company in 2012, at a time when most Indians were buying makeup products from local mom and dad stores, but were getting excited about the idea of ​​shopping online.

Nykaa, which means “actress” in Sanskrit, now offers more than 4,000 brands on her site. Recorded 24.5 billion rupees ($ 330 million) in revenue in the fiscal year ending in March.

Nayar studied at the Indian Institute of Management in Ahmedabad, the most prestigious business school in the country. She is now the richest self-made billionaire in India, according to Bloomberg.

Savitri jindal, who is the president of the $ 18 billion OP Jindal Group, which was created by her husband, is still the richest woman in the country, with a net worth of nearly $ 13 billion.

India’s billionaires have gotten richer

The pandemic has driven many Indians out of the workforce, particularly women lower down the economic ladder. But the last year has been great For him ultra-rich of the country.

Mukesh Ambani, president of sprawling conglomerate Reliance Industries, is now worth more than $ 97 billion, more than $ 20 billion more than a year ago, according to Bloomberg. Not far from him is Adani Group founder Gautam Adani, whose wealth soared from less than $ 30 billion this time last year to more than $ 85 billion today.

It has also been a historical year for Indian tech startups. Several have received an enthusiastic response from investors after launching initial public offerings.

Earlier this year, food delivery giant Zomato became the first Indian tech unicorn, a term used for startups worth more than $ 1 billion – to go public.

Nykaa isn’t the only high-profile public debut this month, either. Payment firm Paytm launched a $ 2.5 billion initial public offering, the largest in India. It is expected to start trading next week.

Reference-www.cnn.com

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