The year 2020 not only be remembered for the chaos that it has created. For some start-ups, this year also means massive funding from investors across the globe. It will be memorable for them as they enter the unicorn club.
India has seen a record number of start-ups valued at $1 billion this year, and Mumbai-based online beauty & lifestyle retailer is one of them. Founded by Falguni Nayar, a banker-turned-businesswoman, Nykaa was launched in 2012.
A graduate of the Indian Institute of Management, Ahmedabad, Nayar was born and raised in Mumbai. Her father ran a small bearings company, assisted by her mother and the conversations revolved around investments, stock market and trading.
For 18 years, she worked with Kotak Mahindra Capital Co. Nayar, who was working as the managing director and head of its institutional equities business left in 2012.
“Once I turned 50, I thought I would become complacent," she said. Initially, it was hard to quit the job at Kotak, “where everything was going right”, but with the self-imposed deadline of 50 loomings, Nayar did just that.
Before the Covid-19 pandemic came unannounced, Nykaa claimed profitability for the fiscal FY19 last year in December. The company also took the initiative to deliver the essentials to over 14,000 pin codes across the country. In May 2020, after raising funding of Rs 66.64 crore from its existing investor Steadview Capital, it attained its unicorn status at a valuation of $1.2 billion.
Started as a multi-brand online beauty retailer, today Nykaa has more than 46 stores across the country and has extended its online presence through a mobile app. The company has stocked up more than 1500 genuine brands and also provides free shipping.
Nykaa has launched its NykaaDesignStudio where subscribers can share their ideas and interact with each other. With its growing popularity, today it competes with online marketplaces like Myntra, Purplle, Flipkart, and Amazon. The platform follows an inventory-led model and has its private label in the cosmetics and personal care segment.
Not only women, but Nykaa has also launched NykaaMan,an e-commerce platform for personal grooming products for men. It has also acquired 20Dresses.com for an undisclosed amount in a move to further growth.
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