Nykaa is derived from the sanskrit work Nayika which signifies a woman in all her moods. Nykaa was started in April 2012 by Falguni Nayar to represents the spirit and soul of the modern Indian woman who is intelligent, confident and beautiful. “I believe in beauty in a very comprehensive sense, not only external but also long-term, sustainable beauty,” says Falguni. Falguni Nayar was the CEO of Investment Banking at Kotak Mahindra Bank. She quit that to embark upon an entrepreneurial journey that will allow her to build India’s Sephora.
Within a short span of 2 years, Nykaa has achieved the position of India’s premier online retailer for beauty and wellness. Headquartered in Mumbai, the hub of the beauty industry, Nykaa brings the best of Mumbai to customers throughout India. Nykaa is a curated offering of premier beauty products. Straddling from Dove to luxury brands like L’Occitane, Davidoff and Calvin Klein. Nykaa carries 300 brands and 10,000 SKUs. So each customer is able to find beauty products they love. “I have always believed in beauty and in e-commerce space as two important trends that will rule the future. Additionally, digital marketing is also a new way to build a brand. What Nykaa has achieved as a brand in such a short period of time has been mainly possible due to the scope of digital marketing,” says Falguni.
Nykaa understands that ‘wide assortment and advice’ are a key to beauty retailing. They are inventory led retailer that both inspects and controls products that are being supplied to our customers. Nykaa also supports the right choice for the customer through various educational platforms like BeautyBook, video tutorials, online makeovers, educational emailers and online advice through Nykaa’s online chat functionality. “We believe none of the other retailers provide such a comprehensive offering on an everyday basis,” says Falguni.
They are working with a number of technology and marketing partners apart from all their key brands like L’Oreal, HUL, P&G, Johnson&Johnson and Philips. They have a 70 member team based out of Mumbai. Nykaa just raised 20cr. in funding from private investors including HNIs and NRIs. They are launching their first luxury store at T3 in Delhi. We asked Falguni for a message for future entrepreneurs, and she said “Passion and patience will get you to your dream.”