Actions in FSN E-Commerce Ventures – the owner of cosmetics e-commerce site Nykaa – has surged since it started operations in Mumbai this week. The stock more than doubled its issue price, bringing the company’s value to nearly $ 14 billion, eleven times the valuation of its last private fundraiser in 2020.
As a result, founder and CEO Falguni Nayar – one of the few Indian women to start and run a tech company worth over $ 1 billion – saw her net worth soar to nearly $ 7 billion. dollars. This makes her the country’s newest self-made billionaire, according to the Bloomberg Billionaires Index.
Nayar founded the company in 2012, at a time when most Indians bought makeup products from local mom and pop stores, but were preparing to buy online.
Nykaa, which means “actress” in Sanskrit, now offers more than 4000 brands on its site. It recorded 24.5 billion rupees ($ 330 million) in revenue in the fiscal year ended in March.
Savitri Jindal, who is the chairman of the $ 18 billion OP Jindal group – which was started by her husband – remains the richest woman in the country, with a net worth of nearly $ 13 billion.
Indian billionaires got richer
The pandemic has pushed many Indians out of the workforce, especially women who are lower down the economic ladder. But the last year has been great for the ultra-rich in the country.
Mukesh Ambani – chairman of sprawling conglomerate Reliance Industries – is now worth more than $ 97 billion, more than $ 20 billion more than a year ago, according to Bloomberg. Not far from him is the founder of the Adani group, Gautam Adani, whose wealth has grown from less than $ 30 billion at the same time last year to more than $ 85 billion today.
It was also a pivotal year for Indian tech startups. Several received an enthusiastic reception from investors after the launch of initial public offerings.
Earlier this year, food delivery giant Zomato became India’s first tech unicorn – a term used for startups worth more than $ 1 billion – to go public.
Nykaa isn’t the only high profile public debut this month either. The payments company Paytm launched a $ 2.5 billion IPO, the largest ever in India. It should start trading next week.