Over the past few years, India’s corporate world has seen a revolutionary change, with women entrepreneurs taking the lead in guiding their businesses to unprecedented success, especially through Initial Public Offerings (IPOs). These pioneering women have broken glass ceilings and created new standards in the corporate world. This article explores the success stories of women-led businesses such as Nykaa and Honasa Consumer Ltd. (Mamaearth), hailing their leadership and the lasting impact they’ve made on India’s economic landscape.
Nykaa: Falguni Nayar’s Visionary Leadership
Established in 2012 by Falguni Nayar, Nykaa has transformed the beauty and wellness sector in India. After her successful stint as an investment banker at Kotak Mahindra Bank, Nayar set out on an entrepreneurial path that would transform online beauty shopping in the country.
Nykaa’s distinct business model provides a broad range of beauty, wellness, and fashion goods via its website, mobile app, and more than 100 retail stores. The company provides an extensive portfolio of more than 1,500 products including luxury labels like Bobbi Brown and Estée Lauder. Today, Nykaa has emerged as a market leader, catering to a diverse and broad customer base.
The financial journey of the company has been remarkable. In the year 2020, Nykaa had revenues of around ₹1,860 crore. This strong performance set the stage for its IPO in October 2021. The IPO was received with an overwhelming response, with shares listing at ₹2,018 on the National Stock Exchange, a premium of more than 80% over the issue price. This performance pushed Nykaa’s market capitalization to ₹1 lakh crore, surpassing established players like Bharat Petroleum and Dr. Reddy’s.
Falguni Nayar’s entrepreneurial spirit has not only led Nykaa to unprecedented success but also solidified her position as India’s richest self-made woman promoter. Her story highlights the power of vision and perseverance in business.
Honasa Consumer Ltd. (Mamaearth): Ghazal Alagh’s Pioneering Spirit
Mamaearth, under the aegis of Honasa Consumer Ltd., has emerged as a formidable player in the personal care segment. The company was co-founded by Ghazal Alagh in 2016 and was born out of a personal quest to seek safe and toxin-free baby care products. This personal quest translated into a broader mission to provide consumers with natural and environment-friendly products.
Mamaearth’s portfolio includes a broad range of personal care products, focusing on natural ingredients. The brand’s commitment to quality and safety has found resonance with customers, driving its growth path. Mamaearth registered an annual revenue of ₹1,000 crore in FY23, six years after its launch, making Mamaearth one of the fastest-growing brands in its category.
The company went public with its IPO between October 31 and November 2, 2023. The IPO consisted of a fresh issue of ₹365 crore and an offer-for-sale of up to 4.12 crore equity shares. The issue was subscribed 7.6 times, indicating strong investor confidence. Honasa Consumer’s shares closed 4.17% higher at ₹337.50 on its listing day on the BSE, highlighting the market’s positive reception.
The remarkable achievements of Nykaa and Mamaearth highlight a wider pattern of women-run businesses taking giant strides in India’s corporate world. Besides these, many other women-run companies have set out on the road to initial public offerings, reflecting the increasing power of businesswomen in the Indian market. A few notable instances are:
VLCC Health Care Limited: Vandana Luthra’s Wellness Empire
Established in 1989 by Vandana Luthra, VLCC Health Care Limited has been a leader in the beauty and wellness industry. The organization provides an extensive portfolio of services consisting of weight management programs and beauty treatments and has more than 100 institutes all over India. VLCC also produces and distributes its own range of personal care products.
In November 2021, VLCC obtained the approval of the Securities and Exchange Board of India (SEBI) to raise its Initial Public Offering (IPO). The IPO proposal consisted of a fresh issue of ₹300 crore and an offer-for-sale of 8.92 million shares by existing promoters. The firm had planned to use the proceeds from the IPO to set up VLCC Wellness Clinics in India and the Gulf Cooperation Council (GCC) countries as well as investments in brand building and other general corporate activities. Although it received SEBI’s approval, up to April 2025, VLCC has not gone public.
MobiKwik: Upasana Taku’s Fintech Innovation
MobiKwik, co-founded by Upasana Taku in 2009, has been a pioneer of India’s digital payments revolution. The platform provides a payment system based on a mobile phone and digital wallet, enabling smooth transactions for millions of consumers. MobiKwik has, over time, diversified its offerings to include credit products, investment, and insurance, serving a wide range of customers.
After having postponed its original plans for an IPO in 2021 because of poor market conditions, MobiKwik resubmitted its draft red herring prospectus (DRHP) in January 2024, hoping to raise ₹700 crore. This was much lower than its earlier target of ₹1,900 crore in 2021, an indication of the company’s better financial health and less requirement for external funds. During fiscal year 2024, MobiKwik registered revenues of around ₹890 crore and attained a profit of ₹14.08 crore, a major turn-around from past losses.
The IPO, which was opened for subscription in December 2024, saw an overwhelming response with bids worth $4.7 billion, oversubscribing the issue 120 times. The shares were listed on the National Stock Exchange at ₹440, a 58% premium to the issue price of ₹279, and closed at ₹518 on the listing day, valuing the company at around $474 million.
The Broader Impact of Women Entrepreneurs in India
The emergence of women-led companies going public with IPO marks a watershed moment in India’s corporate culture. The success of these businesses has far-reaching implications.
- Economic Empowerment: It makes the business landscape more inclusive, shattering deep-rooted gender biases. Allowing more number of women to enter the economic space.
- Role Model: Successful women entrepreneurs are role models, encouraging a new generation of women to pursue leadership roles.
- Investor Confidence: The favorable market reception of these IPOs is a sign of increasing investor confidence in female businesses.
In summary, firms such as Nykaa, VLCC Health Care, and MobiKwik highlight the revolutionary influence of women entrepreneurs on India’s corporate world. Their achievements fuel economic growth and lead the way for a more inclusive and diverse business environment.
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