Founded by a former investment banker Falguni Nayar, who in her previous role helped founders make stock market debuts, Nykaa has built what is now the largest e-commerce firm for beauty and personal care products in the country.
— Chandra R. Srikanth (@chandrarsrikant) November 10, 2021
Nayar’s daughter Adwaita operates Nykaa’s fashion vertical, while son Archit runs the beauty e-commerce business.
The nine-year-old firm, which counts Bollywood celebrities such as Alia Bhatt and Katrina Kaif as well as TPG and Steadview among its backers, operates over 2,500 beauty and personal care brands and sells them on its website, apps and more than 80 brick-and-mortar stores.
Shares of FSN E-Commerce Ventures, which operates the Nykaa brand, opened at 2,018 ($27.2) Indian rupees and went as high as 2,129, up from its initial public offering price of 1,125 per share (on the higher end). The firm has raised over $721 million in the public offering.
“I started Nykaa at the age of 50 with no experience.I hope the Nykaa journey can inspire each of you to be the Nykaa of your lives ” 🚀🚀Falguni Nayar ahead of #Nykaa listing pic.twitter.com/0nJTv9APES
The Indian firm, whose name means actress or one in the spotlight, has said it plans to deploy the capital it raises from the IPO to expand the number of brands it houses and set up new stores.