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Updated November 11th, 2021 at 19:32 IST

Kiran Mazumdar-Shaw lauds Falguni Nayar for becoming India's richest female billionaire

Biocon founder and Billionaire Kiran Mazumdar-Shaw congratulated Nykaa Founder Falguni Nayar after she became India’s richest female billionaire.

Reported by: Riya Baibhawi
Falguni Nayar
File Image: PTI | Image:self
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Biocon founder and Billionaire Kiran Mazumdar-Shaw took to Twitter to congratulate Nykaa Founder Falguni Nayar after she became India’s wealthiest self-made female billionaire. On Wednesday, the omnichannel lifestyle retailer’s shares were listed in the stock exchange, making Nayar’s net worth sore to US$6.5 billion. Notably, her wealth also overtook Mazumdar-Shaw, who records a total net worth of $3.6 billion, as per the latest report by Forbes.

Hours after Nykaa announced its listing, Mazumdar-Shaw penned a note for her apparent rival. Lauding her “fantastic debut” in the share market, she said that women entrepreneurs make everybody “very proud.” “Nykaa Founder Becomes India's Wealthiest Self-Made Female Billionaire - fantastic debut!  Congrats Falguni Nayar - you make us women entrepreneurs very proud.” Shaw wrote on Twitter.

Who is Falguni Nayar?

Falguni Nayar did her graduation from the Indian Institute of Management, Ahmedabad, and has spent over 18 years at Kotak Mahindra Capital Co. She resigned in 2012 to start her own dream company. At the time, her children had gone to attend college in the United States.

Falguni Nayar's Nykaa Journey

58-year-old Falguni Nayar, the founder, Executive Chairperson & Managing Director and Chief Executive Officer of the company, has over 26 years of experience in e-commerce, investment banking and broking. She founded Nykaa in 2012 & created an app to order makeup and hair-care products during a time when women visited stores for the same. The startup since grew to become the country's leading beauty retailer. Nykaa went on to become a top company endorsed by celebrities and its social media friendly-ness also helped it along by leaps and bounds. Nayar, who had previously led an investment bank, became the lifeline of the company. 

Nykaa also opened their own line of beauty products as well as selling products of other companies on their platform. Nykaa currently sells items ranging from exfoliation creams, bridal make-up essentials and to lipstick and nail colours. According to the prospectus filed by the company in March, Nykaa sales surged 35% to USD 330 million in the previous fiscal year. Nykaa is currently the leading unicorn in the market and keeps growing with potential. The company has a diverse portfolio of beauty, personnel care, and fashion products, including its own manufactured brand products, under its two business verticals -- Nykaa and Nykaa Fashion.

Image: PTI

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Published November 11th, 2021 at 18:19 IST

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