For years, Falguni Nayar guided the founders of Indian companies through roadshows in Europe and the U.S. as they made their way to stock market debuts. Now the former investment banker is steering her own startup to an historic initial public offering.
Nykaa, her brainchild, has grown into India’s top e-commerce site for beauty products, with the endorsement of Bollywood stars and a fervent following among twenty-somethings. The startup, formally known as FSN E-Commerce Ventures Ltd., filed preliminary documents late Monday for an initial public offering, which Bloomberg News has reported could value the business at more than $4 billion.
One idea Nayar picked up from her time working with entrepreneurs was the importance of a motivating business mission. With Nykaa, she saw the opportunity to help India’s women look after themselves, moving away from the country’s traditional deference to men.
“I was inspired by those die-hard founders,” Nayar said in a recent interview over Zoom from her home in Alibaug. “Our message to women has been that the spotlight of her life should be on herself. You are important in your story and should feel no guilt at being center stage.”
If the IPO goes as planned, Nykaa will be India’s first women-led unicorn to go public. Nayar owns about half of the company with her husband and their twin children, meaning the value of their stake could exceed $2 billion if the startup reaches or surpasses initial projections.
Nayar founded the company nine years ago, figuring if she was going to start a business it had to be before she turned 50. “The point of no return,” she said.
