Nykaa founder Falguni Nayar has joined the billionaires club as the seventh woman and the wealthiest self-made billionaire. The e-commerce giant has made a blockbuster debut on Dalal Street.
Nykaa is now worth about USD 6.5 billion as shares of the firm surged up to 89 per cent. The startup raised 53.5 billion rupees (USD 722million). The stock was up to 78 per cent at 10:36 a.m in Mumbai.
Nykaa, meanwhile, had a market cap of about Rs 1.03 lakh crore ($13.99 billion) on Wednesday afternoon, making it the 51st largest company in India, data from Companymarketcap.com showed.
This put the online cosmetics retailer ahead of heavyweights such as Coal India ($13.89 billion), Godrej ($13.64 billion), Hindalco Industries ($13.60 billion) and Bharat Petroleum ($12.70 billion). Zomato, the first Indian startup to go public, was four places higher at 47, with a market cap of $14.58 billion.
A graduate of IIM Ahmedabad and a former investment banker, Falguni turned entrepreneur in 2012, just a few months before turning 50 years old. Nykaa is also one of the most unique startups to hit the public markets in India- it is the only profitable unicorn going public, and a rare new-age firm where its promoter group still owns more than half the company.
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