Chasing the horned horse

When US seed investor Aileen Lee coined the term unicorn in 2013 to separate tech winners from losers in the startup ecosystem Falguni Nayars online beauty and wellness company was only a year oldSoon unicorn companies were called the worlds most exclusive boys club Exactly six years later Nayar has busted the myth that female entrepreneurs dont belong in this 10figure valuation club With Nykaas valuation now approaching 1 billion Nayar may become the first Indian woman to join this rare breed of elite startups in 2019Nayars success is inspiring given that majority of Indias current 14 unicorns are headed by men Her decision to starting this young brand had been a risky one The former investment banker recalls Having been involved in the launch of many successful initial public offerings IPOs during my career as an investment banker and witnessing firsthand the process of creating value I had wanted to be an entrepreneur for a long time During my travels I went to a multibrand beauty store and was amazed by the profusion of beauty solutions the beautiful displays and the women behind counters who offered advice sold beauty products and helped women discover a whole new side to themselvesThis made Nayar realise there was a huge gap in India that needed to be addressed I saw the need for a multibrand retail format that gives unbiased advice to consumers guides them on the right products for their beauty concerns and offers solutions that are easy to access across the length and breadth of the country It was a risk I was willing to take and today I am proud to say we have been extremely wellreceived by our customers across the countryThe name Nykaa is derived from the Sanskrit word nayaka meaning the one in the spotlight We want to empower our customers to be the best version of themselves This is a philosophy she seems to mirror in her company as well as its valuation has more than doubled in six months On March 31 Nykaa said it had raised Rs 100 crore 14 million from private equity firm TPG Growth This new round brings the companys total funding to 93 million Nayar says today her risk appetite has only increased There has not been a quiet moment for me in the last six years When I left investment banking I was closing milliondollar deals But when I started Nykaa I remember being excited when we crossed 20 orders in one day The journey has been a revelation of sorts With each passing year we have learnt about customers what works for our business how to add value to our offering etc Building this brand has been a rollercoaster rideBut do investors exhibit faith in women entrepreneurs Nayar thinks every entrepreneur faces challenges in getting serious investors irrespective of gender Investors show faith in a business model I feel that as long as youre willing to lean in there are no boundaries After the recent funding Nykaa plans to use the proceeds to introduce more beauty brands and expand its retail stores across the country Nykaa Fashion our newlylaunched website and app is focused on being high on style with a carefully curated collection of 150plus designers across clothing accessories and footwear to appeal to every woman It inspires the Indian woman to make the best choices for herself She is doing the same in the male grooming space with the launch of Nykaa Man NykaaMancom will bring the best of brands and products for men together along with expert advice and opinions on choosing the best regimeLooking back at her adventurous journey Nayar has one word of advice for other budding female entrepreneurs Dont be afraid to lean in There will be times when you will question your ability to carry out a task whether you have the right skill set or experience Dont be afraid You are capable of far more than you thinkFirst in the lineNayars achievement comes just a couple of months after Mumbai native Ankiti Boses fashion ecommerce firm Zilingo received 226 million in funding at a valuation of 970 million Boses firm though is based in SingaporeCatch up on all the latest Mumbai news crime news current affairs and also a complete guide on Mumbai from food to things to do and events across the city here Also download the new midday Android and iOS apps to get latest updates