On 10th November, Falguni Nayar, founder of beauty startup Nykaa, became India’s wealthiest self-made female billionaire. She made a genius choice to build a make-up based e-commerce website that specifically caters to the needs of Indian women. This led to the creation of Nykaa. At the age of 58, Nayar is one of the 2 self made billionaire businesswomen in India. Through this blog, let’s dive deep into the story of Falguni Nayar and how she achieved her success.

Falguni Nayar was born on February 19 1963, making her a February born Pisces.

In April 2012, at the age of 50, she decided to start her own business from the savings she made while doing service at Kotak Mahindra Group for the past 19 years. She made a genius choice to build a make-up based e-commerce website that specifically caters to the needs of Indian women.

Nykaa gave Indians a unique mix of affordable brands, alongside rare and luxury brands, all under one ambit. This was unlike any other business venture in India. Now people didn’t have to worry about getting a limited selection of products to choose from. Instead, they could buy any product from any part of the world without a hassle.

NYKAA.COM LOGO

While bridging the hole in the market, the 58-year old businesswoman found her business growing at an exponential rate. In 2021, Nykaa was valued at $6.5 billion, with 89% of its shares owned by Falguni herself.

So, what’s the mantra to her majestic success story?

Fret not, India’s beloved Astro Strategist brings you 5 secret mantras that every entrepreneur must learn from Falguni Nayar-

1- Bridge the gap in the market

In a 2018 interview, Nayar expressed her concern over leaving Kotak in 2013. She had a secure job back then. However, she realized the lack of progress in the Indian beauty Industry. The consumer base in India was growing; however, there wasn’t a singular Indian body that thought of opening a beauty e-commerce brand. It was then that Falguni decided to seize the opportunity and build her own brand.
“[But] with the coming of e-commerce, I thought the timing was right,” she said. “I could build the beauty market in India the way it should be built.”

2- Market for a diverse demographic

Following the America based beauty retailer Sephora, Nayar decided to target a larger demographic. Instead of going for a brand-specific store, she decided to culminate every beauty brand under one umbrella. That way, consumers get to choose whatever they want without having to browse through various individual websites.

3- Go online

with the onset of digitalization, Nayar realized that creating an e-commerce website would be most profitable. “I always believed in the online business, and was convinced that the new generation will rely more on reviews and peer recommendation rather than going to stores,” Falguni says in an interview.

4- If there is a problem, then there is a solution

Nayar never believed in giving up. Whatever obstacle might come in her way, she decided to tackle them head-on. As Nayar told Elle Magazine, “[During tough situations] I look very hard for comparisons, case studies and go deep into reading and researching that subject. I also discuss my thoughts with colleagues and mentors whose views I trust. Based on those inputs, I made the right decision.” So, looking for an apt solution instead of giving up is paramount when it comes to problem-solving.

5- Dare to dream

Had it not for Falguni’s persistence to build an empire, Nykaa would have never seen the light of the day. Being a woman in the industry, climbing the social ladder wasn’t very easy. There were many instances when people sniggered at her ambitions. But she kept a firm mind and achieved her goal. Nayar once mentioned, “For young women, I would say that you are the centre of your own life. I see women trying to meet the requirements of their families and not chase their own dreams. You are the most important person in your life. It’s important to dream.”

Conclusion

For all the efforts Nayar had put in her work, Nykaa has become a giant in the Indian beauty industry. With over 4,000 beauty, personal care and fashion brands afflicted with the brand, Nykaa stands strong in its mission to revolutionize the beauty industry in India. Nayar is an embodiment of the saying that women can do anything if they want to.
Nayar once said in her speech,” To everyone across India who ever had a dream, especially women with a dream, I hope the Nykaa journey—an Indian-born, Indian-owned and Indian-managed dream come true—can inspire each of you to be the Nykaa of your lives.” And this stands true till date-opines Astro Strategist Hirav Shah.