Business & Economy

Cosmetic firm founder becomes India’s richest woman

New Delhi, Nov 10 (EFE).- Falguni Nayar, the founder of the cosmetic brand Nykaa, became India’s richest woman on Wednesday, after a blockbuster IPO of her company.

Nykaa, the only Indian company with a value of more than $1 billion headed by a woman was listed on the stock market Wednesday with its value increasing more than 90 percent by close of day.

The IPO has put the fortune of the entrepreneur, who owns half of Nykaa’s shares, at nearly $7 billion,, according to Bloomberg’s billionaire index.

“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 (heroine) of your lives,” the entrepreneur said in a statement shared by local media.

“Nykaa Founder Becomes India’s Wealthiest Self-Made Female Billionaire – fantastic debut! Congrats Falguni Nayar – you make us women entrepreneurs very proud,” tweeted another Indian female billionaire entrepreneur, Kiran Mazumdar-Shaw.

Nykaa, founded in 2012, is the largest e-commerce company for beauty goods in India, and has experienced sustained growth in recent years, especially during the pandemic that brought the economy and trade to a standstill.

Nykaa’s IPO comes amid an increase in stock market listing by private companies in India as they seek to raise capital to expand business.

India is home to several of the world’s richest men, the businessman Mukesh Ambani at number 11 in the billionaire list with $96.3 billion dollars, and the entrepreneur Gautam Adani (number 13) with an estimated fortune of $84 billion. EFE


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