Ten years after being founded by entrepreneur Falguni Nayar with the goal of inspiring Indian women, Nykaa has evolved into one of India’s largest cosmetics and lifestyle brands. Nearly 10 million people shop there, and a November IPO raised $700 million at a $13 billion valuation—turning Nayar, the CEO, into India’s richest self-made businesswoman. Expansion and marketing led to a 23% drop in net profits in the nine months to December, but revenue grew 65% year-over-year to $376 million.
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