Bootstrap is a term commonly associated with start-ups in their initial years, but for Nykaa founder Falguni Nayar, it is a pillar of company culture that she strives to maintain even today. “Most people believe it’s better to invest ahead of time and the business will come. But I believe that one has to be more careful if you want to sustain,” advised Nayar during a start-up panel discussion recently.

According to Nayar, it was her 18-year career as an investment banker that taught her to be more financially prudent. “Being prudent about the amount of capital you put to work is always a good idea,” she explained. “(Even today) we have that culture. We’re averse to investing too much. We believe in making it work with the economics you have and doing it at a pace that you can afford.”

In a separate interview, Nayar mentioned that for the first two years her company ran only on family funds because she was hesitant to raise money. “I wanted make the metrics happen.”