By Diksha Madhok, CNN Enterprise
India’s newest billionaire is a 58-year-old former funding banker whose magnificence startup made its blockbuster debut on the inventory market this month.
FSN E-Commerce Ventures — the dad or mum firm of e-commerce web site Nykaa, which primarily sells beauty merchandise — has surged to a valuation of almost $14 billion after it started buying and selling in Mumbai this week.
In consequence, its founder and CEO Falguni Nayar — one of many few Indian girls to begin and lead a tech firm price greater than $1 billion — has seen her web price soar to virtually $7 billion. That makes her the nation’s latest self-made billionaire, in accordance with the Bloomberg Billionaires Index.
Nayar based the corporate in 2012, at a time when most Indians purchased make-up merchandise at native mom-and pop shops, however have been warming as much as the concept of procuring on-line.
Nykaa, which implies “actress” in Sanskrit, now affords over 4,000 manufacturers on its web site. It recorded 24.5 billion rupees ($330 million) in income within the fiscal yr resulted in March.
Nayar studied on the Indian Institute of Administration in Ahmedabad, the nation’s most prestigious enterprise faculty. She is now India’s wealthiest self-made feminine billionaire, in accordance with Bloomberg.
Savitri Jindal, who’s the chairwoman of the $18 billion O.P. Jindal Group — which was arrange by her husband — stays the richest lady within the nation, with a web price of almost $13 billion.
India’s billionaires have gotten richer
The pandemic has pushed many Indians out of the workforce, and significantly girls who’re decrease down the financial latter. However the final yr has been nice for the country’s ultra-wealthy.
Mukesh Ambani — chairman of the sprawling conglomerate Reliance Industries — is now price greater than $97 billion, over $20 billion greater than a yr in the past, in accordance with Bloomberg. Not far behind him is Adani Group founder Gautam Adani, whose wealth skyrocketed from lower than $30 billion this time final yr to over $85 billion at this time.
It has additionally been a landmark year for Indian tech startups, which have acquired an enthusiastic response from traders after launching their preliminary public choices.
Earlier this yr, meals supply large Zomato grew to become the primary Indian tech unicorn — a time period used for startups price over $1 billion — to go public.
Nykaa isn’t the one excessive profile IPO this month, both. Funds agency Paytm launched a $2.5 billion IPO, India’s largest ever. It’s anticipated to begin buying and selling subsequent week.
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