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December - 2015 - Special issue > Entrepreneur of the Year: 2015

Falguni Nayar: An Entrepreneur who holds up half the sky

si Team
Tuesday, December 29, 2015
si Team
The last few decades have seen women globally taking huge strides in every sphere. Falguni Nayar, an investment banker and stock broker for more than 20 years, and now Founder & CEO, Nykaa.com is a shining example of a woman who had the world at her feet but chose to change up the paradigm and dive into the unknown. This banker-turned-entrepreneur has proved once again that women indeed hold up half the sky. "I once walked into a Sephora Store and was amazed by the profusion of brands, the beautiful displays and the women behind counters who offered advice, sold beauty products and helped women discover a whole new side to themselves". This and other exposures to multi-brand online retail made Falguni realize there was such a huge gap in India with a severe dearth of good multi-brand retail experiences in the beauty and wellness space.

A graduate from IIM, Ahmedabad, Falguni understands the necessity of creating a successful business model and sustainable competitive advantage. She believes that online retail is the best and quickest way to reach consumers across demographics and distances, and this realization led her to launch Nykaa.com in late 2012. Today, Nykaa.com offers more than 400 brands and over 40,000 makeup, skin, hair, fragrance, wellness, herbal and men's products to customers across the length and breadth of India.

It is testament to her emphasis on quality and genuineness that has seen Nykaa.com the only authorized online retailer of luxury fragrances from the L'Oreal stable. Today, this bold entrepreneur of the 21st century has made sure Nykaa.com has developed an unshakeable brand recall in the hearts and minds of loyal customers, with more than five million visitors to the site every month, a large portion of them returning customers.

Welcoming Technologies & Trends
Though Falguni initially underestimated the power of technology, focusing instead on building the right top management, Falguni soon realized the importance of hiring people with the right skill sets and building a strong technology team. Doing a complex business empowered by technology, today Falguni has opened her mind to welcoming new trends and technologies. She has similar advice for budding entrepreneurs. "Startups are a great way to make a big impact. One should not shy away from entrepreneurship just because you are a woman. It is a long haul but the rewards of building a brand are immense. Constraints like having to travel for work or working long hours shouldn't stop you from pursuing your dreams," says Falguni.

Family is Life's Greatest Blessing

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