By reaching the age of 50, the founder Falguni Nair played a big bet. Leaving his best job and started Nykaa. Nayaka is a Sanskrit word, which means actress playing her lead character.
Mumbai-born Falguni Nair started Nykaa in 2012.
E-commerce company Nykaa is once again in the news. The company has made a profit of Rs 5.2 crore in the September quarter. Nayaka has achieved many records in her journey of 10 years. In 2020, 11 brand unicorns were made, including Nykaa. Unicorns are those brands whose valuation exceeds 1 billion dollars. The company claims that it has products from more than 1200 brands and they are getting more than 13 lakh orders every month.
The company has launched many of its products, including Nykaa Man, Nykaa Pro, Nykaa Fashion and Nykaa Network. Know how this company started and which made a name in the world of e-commerce…
that’s how it started
Nayaka was started in 2012 by Falguni Nair. Born on February 19, 1963 in Mumbai, Falguni has been an investment banker by profession. He started his career with AF Ferguson Company as a Management Consultant. Joined Kotak Mahindra Group in 1993 and worked for 19 years. She became the Managing Director of the company in 2005 and held this position till 2012. During the job itself, he did MBA from IIM Ahmedabad. It was during his MBA that he thought of doing his own business.
By reaching the age of 50, Falguni played a big bet. Leaving his best job and started Nykaa. Nayaka is a Sanskrit word, which means actress playing the lead character. Falguni Nair saw an opportunity to enhance the beauty of Indian women and in 2012 launched an online platform to sell beauty-wellness products. In 2014, Sequoia Capital India invested $1 million in Nykaa. After this many investors invested money in the company. Gradually the company started expanding.
Online store opened in 2015
Buyers of cosmetics should check their quality and buy only when they are confident. Keeping this in mind, the company also opened its offline stores in 2015. When the company, which has become popular online, opened offline stores, the number of customers and the company’s profits increased. Soon the company had 68 stores across the country.
Falguni Nair, Founder, Nykaa says, “I have been inspired by many people who started startups. I want to give this message to women that they should give importance to their life as well.
Accused of bad culture and copying
Nayaka’s journey has not been so easy. There have also been allegations of copying or stealing ideas many times in the company’s journey so far. Not only this, questions have also been raised about the company’s poor work culture. Taking lessons from all these cases, Nayaka is going through many changes. Making innovation and research a part of everything from branding to product development.
Falguni Nair’s daughter Advaita is doing the work of taking the company further. Advaita has studied at American Business School and is currently the Chief Executive of the Fashion Section.
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