Starting Over at 50: How Falguni Nayar Turned a Banker's Eye Into Nykaa's Rs 10,000 Crore Business

From Investment Banking to Startup Founder at 50

Falguni Nayar's career begins in a place most founders never visit: a consultancy's back room. She worked at A. F. Ferguson & Co. before joining the Kotak Mahindra Group in 1993, where she first led mergers and acquisitions. She then opened Kotak's institutional equities offices in London and New York, returned to India in 2001, and in 2005 became managing director of Kotak Mahindra Capital. She left in 2012.

That same year, in April, she founded Nykaa. Her reference biography says she started at age 50 with US$2 million of her own money. The company's legal name is FSN E-Commerce Ventures, and its online retail operations began in 2013.

Multi-Format Omnichannel Expansion

The early timeline, as summarised on Nykaa's reference page, shows a company that moved beyond an online catalogue quickly. Its first physical store opened at Delhi airport in 2014. In 2015 it launched its own beauty label, Nykaa Cosmetics, followed in 2018 by Nykaa Fashion. In 2019 it launched Kay Beauty with Katrina Kaif, and in 2020 it was described as India's first unicorn headed by a woman. In 2021 it bought 51% of the skincare brand Dot & Key, and in 2024 it added another 39%. It also runs a business-to-business distribution arm, Superstore by Nykaa.

Its operating model blends two approaches: an inventory-led model for beauty and personal care, and a marketplace model for fashion. That mix lets it control quality and margin in beauty while offering breadth in fashion.

“A second act that started at fifty and now earns more than Rs 10,000 crore a year.”

The Landmark 2021 IPO and Family Governance

Nykaa opened its IPO in late October 2021 and listed on 10 November 2021 on the NSE and BSE. It raised Rs 5,352 crore, at a valuation of about US$7.4 billion at the issue price. Her reference page says the listing-day surge lifted the valuation to about US$13 billion and her net worth to about US$6.5 billion. The Nayar family holds 53.5% of the company.

She received EY Entrepreneur of the Year in India in 2021, and Forbes ranked her 71st on its India's 100 Richest list of 9 October 2024, with a net worth of US$4.2 billion shared with her family.

The FY26 Milestone: Crossing Rs 10,000 Crore

In May 2026 reporting on FY26 results, Nykaa's revenue from operations was Rs 10,022 crore, up 26% on the year and crossing Rs 10,000 crore for the first time. Net profit was Rs 204 crore, against Rs 72 crore in FY25; EBITDA was Rs 752 crore, up 59%; and gross profit was Rs 4,516 crore, up 30%. Beauty GMV was Rs 14,954 crore and fashion GMV Rs 4,954 crore. The company had 313 stores in 99 Indian cities, after adding 76 in the year. The report paraphrases Nayar as calling the milestone "a defining moment in Nykaa's journey" and pointing to wellness and AI-driven commerce as future growth areas.

Earlier in 2026, the company reported a first-quarter FY27 profit that more than tripled to Rs 80 crore, with revenue up 29%, per Kotak Neo.

Global Expansion, Governance Lessons & Takeaways

Recent years show a company stretching its footprint. In 2024 Nykaa formed a joint venture with Apparel Group, held 55:45, to launch Nysaa in the Gulf, and took a majority stake in Earth Rhythm. In 2025 it acquired 100% of Nudge Wellness, and in September 2025 launched Kay Beauty in the United Kingdom, per reports cited on its reference page. In November 2025 it reported a second-quarter net profit of Rs 34.4 crore, with revenue up 25%. The pattern is consistent: widen the range of owned brands, add wellness, and take one or two proven brands abroad.

A balanced profile mentions the rough patches. In November 2022, Nykaa issued bonus shares in a 5:1 ratio, which drew criticism about timing and governance; its CFO resigned later that month, and the market regulator began scrutinising the issue. Profit margins in online beauty are thin, and it took the company several years after listing to show consistent profits.

What second-act founders can take: 1. Use the first career as an asset. Capital-markets experience helped her plan funding, governance and a listing. 2. Build the brand, not only the shelf. Owned brands such as Kay Beauty and Dot & Key add margin and control. 3. Go where customers are. She added stores after proving demand online, rather than the reverse. 4. Report the numbers. Public listing forces discipline, and the 2026 results show what that discipline can produce.

Independent editorial profile built from public sources. We have not interviewed Ms Nayar.