With fashion and cosmetic retailer Nykaa’s latest funding round expected to close by end of this month, founder Falguni Nayar is likely to become India’s second billionaire woman entrepreneur after Biocon Chairperson Kiran Mazumdar Shaw, according to Forbes.
The company is expected to go for an initial public offering (IPO) this year at a valuation of around $3 billion. Nykaa is expected to report a 40 per cent rise in revenue for this fiscal, up from $247 million in March 2020 due to the surge in online sales due to Covid-19.
Nayar, who owns more than 50 per cent of Nykaa, has not commented on her net worth or the fund-raising, according to reports. Gurgaon-based consulting firm Technopak has predicted the beauty and personal care market to grow to $23 billion by 2023 from $13 billion in 2018 due to an increase in incomes of young consumers.