Seven years. Over Rs 5,000 crore ($720 million) in valuation. Nearly Rs 580 crore ($83 million) in revenue. Nykaa, India’s largest online beauty and cosmetics retailer, has come a long way. Launched in 2012 by veteran investment banker Falguni Nayar, the company was one of the first to take beauty from brick-and-mortar to e-commerce.
“People used to tell me early days that, who buys lipstick without trying?” says Nayar, 57. But the bet on a latent market for mid-to-high-end cosmetics worked well.
The startup brought a slew of cult beauty brands like Wet n Wild, Innisfree and Huda Beauty to India, establishing itself as the destination for makeup enthusiasts.