Eight out of ten people have Nykaa on their smartphones- one of the biggest eCommerce platforms for shopping, beauty, clothes, electronics, household and many other items. Nykaa caters to all the basic needs of consumers who do not want to step out and waste time in choosing the best and desired product. But have you ever thought, whose mind is behind this incredible invention? Well, the owner of the Nykaa is none other than a woman – Falguni Nayar. Seeing the success of Nykaa and reading Falguni Nayar Success Story is worth it. If you are curious to delve into her journey, come along with us. This blog will take you to the Nykaa owner success story!
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The Early Education & Corporate Career Of Nykaa Founder
Born in Mumbai, Maharashtra, on 19 February 1963, Falguni Nayar belonged to the Gujarati Family. She pursued her early education in Mumbai and continued her academics at the esteemed Indian Institute of Technology (IIT), Delhi. She graduated with a degree in engineering and went on to pursue a master’s degree in management from the Indian Institute of Management (IIM), Ahmedabad. The academic education laid the foundation for Falguni Nayar success story.
After completing the post-graduation, Falguni Nayar embarked on a corporate career. She joined A.F. Ferguson & Co. as a consultant. After leaving it, the future Nykaa CEO joined the prestigious Kotak Mahindra Bank, where she was initially the head of the merger and acquisition (M&A) team. She also indulged in institutional equities offices in London and New York City. She spent nearly two decades in the corporate world, working in many leadership roles. Her experience in various sectors not only honed her business skills but also instilled in her passion for entrepreneurship.
It is rightly said that business is in the blood of Gujaratis, and Falguni Nayar proved it. She grasped the traits of business from her ancestors, which gave her the idea of a startup and a step closer to Falguni Nayar success story.
The Birth of Nykaa
It is ‘Better Late Than Never‘; this phrase suits Falguni Nayar, who started her entrepreneurial journey at the age of 46 in 2009. After launching her own business, Nykaa, she quit her job in 2012. The idea behind Nykaa was taken from her personal experience as a customer of beauty products. She recognised the gap in the Indian beauty and cosmetics industry, including limited stock availability, counterfeit products and the lack of a reliable platform to cater to the diverse needs of Indian customers.
With a clear vision in mind, Falguni set out to create a one-stop destination for beauty and wellness products that would provide high-quality, authentic products to the customers. However, the credit for Falguni Nayar success story does not solely go to her. Her husband, Sanjay Nayar, supported her to embark on the journey and proved the saying Behind the success of every man, there is a woman’s wrong. Here, behind the success of Nykaa founder, there is the support of her husband, which made her one of the leading female entrepreneurs in India.
Challenges That Came In The Way Of Falguni Nayar’s Success
Starting a venture from scratch is never easy, and Falguni faced the same. At the time Falguni started her business, the e-commerce landscape in India was not that prominent. Therefore, building a brand like Nykaa requires tremendous effort. Understanding the people about the online beauty platform and taking the brand to potential customers was not so easy in the less-popular online market.
However, Falguni’s relentless determination and in-depth understanding of the market allowed Nykaa to secure a place. To cater to customers’ demands, the company started offering a wide selection of beauty and wellness products, with expert advice and product recommendations. This was the first step towards Falguni Nayar success story.
The brand quickly gained customers’ attention and popularity for its exceptional customer services, genuine products and user-friendly platform. Nykaa was the first Indian eCommerce brand to introduce a ‘try and buy’ feature, offering customers the opportunity to sample products before making a purchase. This approach of Nykaa contributed significantly to the brand’s growth.
Nykaa Journey To Success
Nykaa’s journey from a startup to an industry leader has been nothing short of spectacular. Starting with beauty products, the company expanded its product range with each passing year. Nykaa included cosmetics, skincare, hair care, fragrance and wellness products. Moreover, the brand combined the online store with the offline retail stores, allowing it to reach a wider audience.
Other pivotal factors that contributed to Falguni Nayar success story are affordable prices, impressive social media presence with robust strategies and detailed product description that provides customers with helpful tips.
The founder of Nykaa did not stop there; she expanded the brand into several categories. In 2020, she introduced fashion products, including clothing, accessories and footwear, which took Nykaa to a significant valuation of over a billion dollars, turning the startup into a unicorn.
The leadership qualities and clear vision played an important role in Falguni Nayar success story. Her ability to understand the market gaps, her commitment to customer satisfaction and her focus on building the brand helped her to reach these heights. She also set an example to the coming generation that age does not matter in achieving something you desire and deserve. Age and gender are no barrier to success.
