Published On: July 8th, 2020
“I wanted to stand for those women who want to be beautiful for themselves, not for men or other women!” – Words of Falguni Nayar
There is a lady who adores beauty products and loves doing makeup. She left her career from being an MD for a notable bank, at an unbelievable age of 51, only for the drive to do something small but what she likes.
This is the success story of Nykaa and its founder Falguni Nayar, displaying the true meaning of women empowerment.
THE ABOVE-GIVEN DESCRIPTION IS A REAL-LIFE INSPIRATION!
Meet the Queen of Indian Beauty, ‘Falguni Nayar’, who was a management consultant years back and is now recognized as the CEO of “Nykaa” and deems to be the Most Powerful Women in Business 2017. Let’s read how powerful and influential Falguni is as an entrepreneur from the following.
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This entire context will be a useful guide to someone planning to open a venture or decided to quit a job and enter the world of entrepreneurship.
A QUICK BIOGRAPHY OF THE CEO FALUGNI NAYAR
Falguni Sanjay Nayar was born on February 19th, 1963. She is a notable entrepreneur and top-woman achiever in the banking industry. Falguni’s Alma Mater is the Indian Institute of Management, Ahmedabad, where she pursued an MBA in Finance. Her father was a prominent face in the business world at that time.
She was working as a management consultant at A.F. Ferguson & Co. Falguni has tremendous experience of 18 years. She was in the position of a Managing director at the Kotak Mahindra.
“I WANTED TO EXPERIENCE THE JOURNEY OF CREATING SOMETHING FROM SCRATCH!” ~ SAYS THE CEO
As soon as she turned 50, Falguni’s attraction towards beauty and wellness sparked an instinct to open a venture. She recognized that the Indian startup scenario was going to be a grand hit in the beauty sector.
And now, she is the Chief Executive Officer of the ever-trending eCommerce portal ‘Nykaa’, with a net worth of Rs .1,200 crore, raising the standards of Indian beauty!
As you noted, how dominant the field of beauty and wellness is at present, consider niches that are growing, and tend to be productive in the future. It is hence recommended for you to go through several phases of online market research. Understand the present and future industry-related statistics. Then decide upon choosing it as your business passion or operation.
THE FUNDING AND VENTURE-SOURCES PROCESSED WITH THIS BEAUTY BRAND
Nykaa’s revenue is estimated to be around Rs. 1,159.32 crore in FY19. What is remarkable about this number is that Nykaa had a Loss of Rs.. 17.7 crores a year earlier; with resilience, it bounced back and hit the value of Rs. 2.3 crores as Profit quite soon!
HERE ARE A FEW MORE FACTS FOLLOWED ABOUT NYKAA’S FUNDING DATA :
- With over ten rounds of selection, the brand has raised around $145.9M as its total funding.
- Company’s last funding gets recorded on May 8th, 2020. With the money raised around $13 million, the valuation count is $1.2 billion.
- Nykaa is awarded the prestigious label of ‘unicorn startup’.
“We are on the path to profitability and want to be profitable very soon. As soon as we lower our customer acquisition target, we can become profitable. But we all want to invest in the customer of the future,” ~ says Falguni.
Furthermore, below are the two strategies on how the money is getting generated with this fashion brand. You may even try out these tactics for your business as well, depending solely on your niche and the platform.
- In offline, the team follows the idea of the Business Inventory Model. The goods are produced and stored at warehouses. They get the products directly from beauty manufacturers.
- In online, the team enterprises and sells their beauty and wellness products, by charging a decent commission rate for luxury-specific elements.
Regardless of whether your brand has an online or offline presence, make sure to practice the general business standards such as marketing, 24/7 professional and friendly customer service, website, etc. to cover a broader section of the population.
ADDING TO THE GIVEN POINTS, NYKAA IS CUTTING DOWN ADDITIONAL EXPENSES DUE TO COST VARIATION IN THE SIDE.
MOREOVER, THE TEAM IS POSSIBLY REDUCING THEIR SUPPLEMENTARY TIME AND SERVICING QUICKER. AND THIS IS ONE CHIEF YET SIMPLE STRATEGY (FAST DELIVERY) THAT EVEN YOUR STARTUP CAN FOLLOW.
Presently, Nykaa has opened avenues to produce 400+ curated beauty elements right from their sources. This way, it gives them a hold over the revenue and makes reliability lesser with the other high-end commissioning brands in the industry!
WHAT IS THAT ONE THING THAT MAKES NYKAA UNIQUE AND PREFERABLE FROM THE REST?
When there are e-commerce giants such as Flipkart, Amazon, Shopclues, what do you think is the reason for people to love and prefer Nykaa in the first place?
“I LOOK AT THE COMBINATION OF THE PRODUCTS THEY’RE BUYING. SOMETIMES, I CAN TELL IF THEY’RE DOCTORS OR THAT THEY LIVE IN A HOSTEL!” ~ SAYS FALGUNI NAYAR
NYKAA IS DEDICATED TO BEAUTY AND WELLNESS ONLY. MANY PROFESSIONALS HAVE ANTICIPATED THE NICHE TO REACH AROUND $20 BILLION WITHIN 2025.
Moreover, with the external support of initiatives, the present rate of the cosmetic retail industry’s growth (that is 16% CAGR) will rise to a mammoth level.
Therefore, the market she picked and the idea of working passionately for only one relative niche makes Falguni Nayar unique and ‘Nykaa’ a successful brand in the market to date!
So, if you’re in the initial stages of opening a startup, streamline and go with one perfect niche, instead of following multiple products/services.
Click here If you want to Read More Inspirational Startup Stories
FINALLY, HERE ARE THREE MORALS TO TAKE-BACK FROM THE STORY OF FALGUNI NAYAR AND NYKAA:
- Cash is vital for capital requirements. But if your mission is feasible, then procuring money is the eventual result. By focussing on the journey, your business becomes exciting and productive!
- If you think that your ideas are valuable, realistic, and attainable, then go for it. Entrepreneurship is being out-of-the-box and standing tough on its own.
- Risk-taking is essential but do it wisely; not about your age or timing, but the status of the market you are about to enter.
“Think big but start small!” ~ Motivation from Falguni Nayar