India’s latest billionaire Falguni Nayar constructed a magnificence empire

By Diksha Madhok, CNN Business

India’s youngest billionaire is a 58-year-old former investment banker whose beauty startup made its blockbuster debut on the stock market this month.

FSN E-Commerce Ventures – the parent company of e-commerce site Nykaa, which primarily sells cosmetic products – is worth nearly $ 14 billion after starting trading in Mumbai this week.

As a result, founder and CEO Falguni Nayar – one of the few Indian women to have founded and run a technology company valued at more than $ 1 billion – has grown her net worth to nearly $ 7 billion. This makes her the newest self-made billionaire in the country, according to the Bloomberg Billionaires Index.

Nayar started the company in 2012, at a time when most Indians were buying makeup products from local corner shops but were warming to the idea of ​​online shopping.

Nykaa, which means “actress” in Sanskrit, now offers over 4,000 brands on its website. For the fiscal year ended in March, the company had sales of Rs 24.5 billion ($ 330 million).

Nayar studied at the Indian Institute of Management in Ahmedabad, the most prestigious business school in the country. She is now India’s richest self-made billionaire, according to Bloomberg.

Savitri Jindal, the chairman of the $ 18 billion OP Jindal Group founded by her husband, remains the richest woman in the country with a net worth of nearly $ 13 billion.

India’s billionaires have gotten richer

The pandemic has pushed many Indians out of work, especially women who are economically below ground. But last year was great for the ultra-rich in the country.

Mukesh Ambani – chairman of the sprawling conglomerate Reliance Industries – is worth more than $ 97 billion today, over $ 20 billion more than a year ago, according to Bloomberg. Not far behind is the founder of the Adani Group, Gautam Adani, whose fortune soared from less than $ 30 billion last year to over $ 85 billion today.

It was also a landmark year for Indian tech startups, which received an enthusiastic response from investors after launching their IPOs.

Earlier this year, food delivery giant Zomato became the first Indian tech unicorn – a term used for startups worth more than $ 1 billion – to go public.

Nykaa isn’t the only high profile IPO this month, either. Payment company Paytm launched an initial public offering valued at $ 2.5 billion, India’s largest IPO to date. Trading is slated to start next week.

The CNN Wire
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