Historic IPO: India’s first woman-led unicorn could stoke a $4bn valuation
Upcoming unicorn and beauty e-commerce startup Nykaa could be looking at a $4bn valuation once it makes the final touches to its initial public offering.
The Mumbai-headquartered startup hitting a billion-dollar valuation would make it India’s first-ever woman-led unicorn.
The country’s woman-led unicorn has emerged from former investment banker Falguni Nayar, who has bagged the support of local Bollywood stars.
The startup, formally known as FSN E-Commerce Ventures, filed preliminary documents for the initial public offering (IPO) last night.
Once navigating US and European IPOs for other Indian founders – Nayar has decided that it is now her turn to join India’s billion-dollar tech-crazed IPO train.
A string of lofty IPOs have caught the eyes of foreign investors so far this year, namely Zomato and Paytm.
The historic IPO will act as a signal of hope for many women in India, who make up some 60 per cent of pandemic job losses according to the Consortium of Indian Industries.
Nykaa has already set up three separate apps, including an app for men’s products.
Through Nykaa’s websites, apps and more than 70 brick-and-mortar stores, the company hit revenue of $330m in the year to March, up 35 per cent from the year before.
Despite the impacts of pandemic store closures, the beauty startup continued to post growth – which has likely spurred investor interest.