Falguni Nayar

Nykaa founder-operator playbook

Falguni Nayar is founder and CEO of FSN E-Commerce Ventures, the parent company of Nykaa. After roughly two decades as an investment banker at Kotak Mahindra Capital, she launched Nykaa in 2012 at age 49, scaling it into a multi-category beauty and fashion platform before its 2021 IPO. She is widely cited as a case study in late-career founder-operator discipline and capital-efficient growth.