The success story of Nykaa

Today we all know that Nykaa is one of the most successful Indian brands, but the journey was not easy. On October 28th, 2021 we also witnessed Nykaa’s big IPO launch in the Indian market. Nykaa was founded in 2012, by Falguni Nayar, an IIM Ahmedabad alumnus and Ex-Managing Director of Kotak Mahindra Investment Bank. The brand consistently takes efforts to put the Indian beauty industry on the global map by actively engaging in brand collaborations.

 

Falguni Nayar is regarded as the richest self-made female entrepreneur in India, with a net worth of Rs. 57000 crores. She has set a great example for the world by validating that “age is just a number” as she worked for over 25 years in the corporate sector and started her entrepreneurial journey when she was nearing 50. Her vision behind launching Nykaa was to solve the inconsistencies in the Indian beauty industry. They wanted to create an organized and curated platform for Indian women where they can shop for their needs with ease and convenience. Falguni realized that there was a huge demand but the Indian beauty and cosmetics segment was highly unorganized and did not offer customers a great experience.

 

The name of the brand - Nykaa comes from the Sanskrit word ‘nayaka’ which means ‘one in the limelight, which completely matches their brand identity and value proposition. Nykaa was founded with a limited number of employees and resources, but they didn’t compromise on their quality at all. Falguni Nayar once said that Nykaa would rather sell the proper shade of lipstick at full price than the wrong shade at half price, which shows how committed they are as a brand to their customers.

 

Recently Katrina Kaif’s own makeup brand – Kay by Katrina was also launched on Nykaa, which was a huge success and the products were also loved by many customers. This and many more brand and celebrity collaborations as well as Nykaa’s huge catalog of products have helped them to reach new heights of success and made them one of the most successful companies in the Indian beauty industry. Nykaa has even launched its own makeup and skincare line, they also offer luxury and international beauty products through Nykaa Luxe. Even though they started out as an e-commerce brand and sold products through their website, after achieving remarkable success, they have now also expanded to offline stores and outlets, so that customers can also get the touch and feel experience while shopping for their favorite brands.

 

I think that Falguni Nayar, the CEO, and Founder of Nykaa has set a very good example for Indian society and inspired many young and budding female entrepreneurs to trust in themselves and their start-up ideas, and build an independent career path for themselves, and make their nation proud.