Nykaa and Falguni Nayar deserve the applause, and so much more

Makeup, in a world that puts so much premium on beauty, is a powerful tool. It is as if the user is subverting societal expectations and saying, “You want beauty? I will give it to you in a way I please.” It is akin to giving the power back to the one who has always been on the receiving end. It is not only in theory; the shining example of Nykaa and its intrepid founder Falguni Nayar exists as proof.

Falguni Nayar took on an industry that was not taken seriously and brushed away as something frivolous, to create a billion-dollar empire, and eventually go public. Not only did she give Indian women and men a wide range of cosmetic products, but also a narrative.

Nykaa, by virtue of its platform, made makeup accessible to everyone. Buoyed by beauty influencers and millions of beauty tutorials, makeup slowly but steadily became a ‘need’, instead of a ‘want’. There was this inherent desire to try more products not be restricted to the time-and-tested lipstick, kajal, eye makeup and foundation. 

To top it off, the pandemic pushed people to pursue different interests from the comfort of their homes. And why not perfect the art of makeup when no one's looking? So, when the right time came, Nykaa was ready for the task and offered everything from high-end, and mid-range to affordable products for everyone.

Founded in 2012, and before Nayar turned 50, Nykaa offers the choicest of items at the click of a button. From the go-to brands to the niche ones, from lipstick, eyeliner, hair, hand, skin, foot, night, and day products, the catalogue on offer is impressive.  

Before long, Nykaa became the go-to for any beauty need. It subsequently forayed into clothes and accessories too, with Nykaa Fashion, as well as fashion and grooming specifically for men, with Nykaa Man.

But the success of Nykaa is not only important for what it did to the cosmetic industry but also for what it stands for in woman entrepreneurship. For the uninitiated, Nayar’s company is the first woman-led unicorn to list in the bourses in India. So, one can’t help but root for her.

Almost all of India’s unicorns are led by men. In this IPO season too, all the companies one sees getting listed are led by men. Even if there is a woman on top, she is part of a group of founders, most of who are men. There is negligible representation of women in the industry. More so, if we consider the ones who are successful and have listed companies.

Nayar is also India’s richest self-made billionaire but Savitri Jindal is the wealthiest, according to the Bloomberg Billionaires’ Index. Nykaa crossed a market capitalisation of Rs 1 lakh crore for a while after its stellar listing of the company on BSE and NSE. The share rose 79 per cent on its market debut on the NSE. The shares opened at Rs 2,018 on NSE against the IPO price of Rs 1,125.

With its blockbuster debut, Nayar, who owns half of the company, is now worth around $6.5 billion.

So, the vision of Falguni Nayar standing in front of a huge logo of her billion-dollar company on the day it goes public is a moment to reckon with for women entrepreneurs. That’s the representation usually missing and a disruption usually not dared.

The name Nykaa is derived from the Sanskrit word 'nayaka', which means heroine or the one in spotlight. And true to its name, it is the nayaka of the moment.

(The author is Assistant Editor at BusinessToday.In)

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