As the Covid-19 pandemic stifled businesses from airlines to tourism, Nykaa, an online retailer of beauty products, was sitting pretty. Hordes of shoppers, stuck at home due to pandemic-imposed restrictions, flocked to its virtual shelves, buying up everything from skin creams to lipsticks. Thanks to this sales surge, Nykaa expects to report a 40% rise in revenue for the year ending March 2021, up from $247 million in March 2020.
The cosmetics retailer, which counts Boston asset management company Fidelity Management and private equity firm TPG Growth Capital among its investors, is prepping for an IPO this year that’s expected to value it at around $3 billion. But even before that happens, Nykaa’s latest funding round, which is expected to close by the end of this month, is likely to propel its founder Falguni Nayar into the billionaire ranks, making her India’s second-richest self-made woman after biopharma billionaire Kiran Mazumdar Shaw.
Read more: https://www.forbes.com/sites/anuraghunathan/2021/03/08/nykaas-founder-looks-set-to-become-a-billionaire-and-indias-second-richest-self-made-woman/?sh=76095b4e4207