Billionaires: Falguni Nayar becomes India's richest self-made woman with $7bn

Asia's Tech News Daily

Billionaires: Falguni Nayar becomes India's richest self-made woman with $7bn
© PUNIT PARANJPE Falguni Nayar, left, the managing director and chief executive of Nykaa, an online marketplace for beauty and wellness products, with her daughter, Advaita, attends the company’s IPO listing ceremony at the National Stock Exchange in Mumbai earlier this month. AFP

Falguni Nayar

Falguni Nayar joined the rarefied ranks of self-made billionaire women after the Indian beauty start-up she founded went public and promptly doubled on its trading debut. Now she’s encouraging more women to seize control.

Ms Nayar runs India’s FSN E-Commerce Ventures, which raised 53.5 billion Indian rupees ($720 million) in its initial public offering on November 10 and saw shares rise 96 per cent on its first day of trading.

That makes Ms Nayar, who owns about half of the company, worth almost $7bn and India’s wealthiest self-made female billionaire, according to the Bloomberg Billionaires Index.

Billionaires: Falguni Nayar becomes India's richest self-made woman with $7bn
Download our mobile app

“Women need to allow the spotlight of their lives to be on themselves,” Ms Nayar said in an interview after the trading debut. “I hope more women like me dare to dream for themselves.”

Nayar founded her company, which runs the e-commerce site Nykaa, in 2012 after working in investment banking and guiding other entrepreneurs through the initial public offering process.

Back then, most Indian women bought make-up and haircare products at neighbourhood “mom-and-pop” stores where the selection was scanty and trials unheard of. She saw an opportunity in giving customers easy online access to high-end beauty items, complete with tutorials and testimonials.

“India is going to be a huge retail market,” Ms Nayar said. “Indians will aspire for more, their spending power will grow and they’ll increasingly spend on lifestyle brands and services. Nykaa is in a good place.”

The start-up has since grown into the country’s leading beauty retailer, buoying online sales with demo videos by glamorous Bollywood actors and celebrities, and more than 70 brick-and-mortar stores.

The size of the prize doesn’t really matter. Being rewarded for doing what I love doing is the key. Share prices are the bonus

Falguni Nayar, founder of FSN E-Commerce Ventures

Nykaa, derived from the Sanskrit word for heroine, sells items including exfoliation creams, bridal make-up essentials and hundreds of shades of lipstick, foundation and nail colours to suit Indian skin tones, skin types and local weather.

Ms Nayar said there is plenty more opportunity ahead. In the country of 1.3 billion people, men, too, are beginning to spend on make-up and grooming products.

“We have built the company for multiyear growth to address a very large beauty and fashion e-commerce market in India,” she said.

While clearly pleased with the strong IPO debut, Ms Nayar said she was sanguine about the precise impact on her net worth.

“The size of the prize doesn’t really matter,” she said. “Being rewarded for doing what I love doing is the key. Share prices are the bonus.”

Billionaires: Falguni Nayar becomes India's richest self-made woman with $7bn
© Provided by The National Austrian billionaire Dietrich Mateschitz’ Red Bull company booked net revenue of €6.3 billion ($762 million) in 2020. Getty Images

Dietrich Mateschitz

Austrian billionaire Dietrich Mateschitz is getting a bumper payout of €680.5m ($762m) after his Red Bull energy drink empire grew unabated despite the pandemic gripping the world economy.

Red Bull GmbH, the holding company overseeing sales of the canned caffeine-spiked drink, booked net revenue of €6.3bn in 2020, 4 per cent more than a year earlier, according to the group’s annual report posted to the Austrian company register.

Sales rose more than 12 per cent in the US and 3.4 per cent in Europe, compared with declines in revenue across the rest of the world. The company also saved on marketing costs as the pandemic hit some of the sports events it sponsors.

That produced net income of €1.18bn, a 29 per cent increase from 2019.

Red Bull is paying out half of the year’s distributable profit plus €500m of retained earnings to Mr Mateschitz and his co-shareholders, Thailand’s Yoovidhya family, which controls 51 per cent of the company, according to a resolution of the shareholders attached to the annual report.

Mr Mateschitz gets an additional €165m extra dividend on top of his pro rata amount, according to the resolution, which gives no reason for the different treatment. Chalerm Yoovidhya also gets an extra €3.2m.

The bump from retained earnings will lift Red Bull’s total dividend to more than double the amount paid to shareholders last year.

Billionaires: Falguni Nayar becomes India's richest self-made woman with $7bn
© Provided by The National Mukesh Ambani, chairman and managing director of Reliance Industries. Courtesy World Economic Forum

Mukesh Ambani

Reliance Industries, which runs one of India’s biggest Treasury operations, went on a shopping spree for local five-year bonds just weeks ahead of a crucial central bank policy meeting, according to people with knowledge of the matter.

The company, controlled by Asia’s richest man Mukesh Ambani, bought about $270m worth of state bonds from a single state-run bank, according to one of the people, with others adding that total purchases may have exceeded $1bn in the past few days based on brokerage orders and trade deals reported on the central bank platform. The people asked not to be identified as the details are private.

The purchases by Reliance blazed through trading rooms in Mumbai, helping the five-year sovereign bond outperform as banks and brokerages sought to fulfil the orders. They could reflect an attempt by the company to find the safest part of the yield curve as expectations grow that the Reserve Bank of India will tighten monetary policy soon.

A Reliance Industries spokesperson didn’t immediately respond to an emailed request for comment.

The company, which was buying a mix of sovereign and local government debt maturing in 2026, bought debt on the central bank’s dealing platform as well as through direct deals with holders, the people said.

Reliance had cash and equivalent assets worth 2.6 trillion rupees as of September 2021, according to its financial presentation. Last year, Reliance took a similar bet in corporate bonds with the similar maturity.

The purchases come ahead of an RBI meeting on December 8, which will be keenly watched by investors to see what steps the central bank takes to normalise pandemic-era policy settings after it suspended bond purchases last month.

IDFC Asset Management said last month they are “heavily overweight” on tenors of about five years on expectations that they will be less affected by rate hikes.

Billionaires: Falguni Nayar becomes India's richest self-made woman with $7bn
© Provided by The National Billionaire Anil Agarwal’s Vedanta plans to streamline its structure. Bloomberg

Anil Agarwal

Billionaire Anil Agarwal’s Vedanta said it intends to streamline its structure and is looking at options including separately listing its aluminium, iron and steel, and oil and gas units.

The latest plan to restructure the Mumbai-listed commodities major comes a year after Mr Agarwal’s efforts to take the company private failed. A greater control of the cash-rich company would help the billionaire pare down debt at his holding group.

The restructuring is aimed at unlocking value for all stakeholders and could include options such as demergers, spin-offs and strategic partnerships, Vedanta said in an exchange-filing, adding that the board has formed a committee to evaluate the plan. It didn’t give a timeline for the proposed restructuring.

Vedanta’s group structure has always been considered as complex and a simplification will certainly be a positive

Prashanth Kumar, analyst at Dolat Capital Market.

The rejig will allow the units to benefit from “tailored capital allocation, and strategic flexibility to drive long-term growth”, Agarwal said. The move will also accelerate the company’s plans to cut emissions, it said.

“Vedanta’s group structure has always been considered as complex and a simplification will certainly be a positive,” according to Prashanth Kumar, an analyst at Dolat Capital Market.

“Currently, many funds may not like to invest in Vedanta because the aluminium business’s carbon footprint is higher. Having separate entities may attract a broader and wider range of investors in their other businesses.”

Shares in the company have more than tripled over the past year as commodity prices rallied and demand for metals boomed globally.

Internet Explorer Channel Network
Asia's Tech News Daily
News Related

OTHER NEWS

'Absolutely outrageous', 'Sickening' - Many Spurs fans furious as 'shocking' news emerges

A whole host of Tottenham Hotspur fans are furious on Twitter to see that Dilan Markanday has left the club. Read the latest news coming out about Tottenham Hotspur Fabrizio ... Read more »

These rare photos show Tom Brady from his baseball days

Tom Brady looks unrecognizable in photos of himself playing baseball as a teen before the team told him to stick with football. Photos of the Super Bowl star reveal him ... Read more »

8 Signs You Might Be Pansexual

© Pexels Curly-haired women holding the pansexual pride flag When it comes to sexuality, there are a number of ways people can identify. While you might understand what it means ... Read more »

COVID cases in US drop 47 percent in a week, according to data

COVID-19 cases have seen an almost 50 percent drop in the US, but officials warn not to become complacent. Christopher Sadowski Daily COVID-19 cases across the United States have dropped ... Read more »

"Tottenham are..": Reliable journo drops exciting transfer claim, fans will be buzzing - opinion

© Provided by Football FanCast Wolves winger Adama Traore battles Spurs defender Japhet Tanganga Tottenham Hotspur should seal the signature of Adama Traore before this month’s transfer deadline… What’s the ... Read more »

Sources: Wigan Athletic edge ahead of Sunderland in pursuit of 24-year-old

© Provided by Football League World patrick roberts Wigan Athletic have moved ahead of Sunderland in their pursuit of Manchester City winger Patrick Roberts, Football League World have exclusively learnt. ... Read more »

Tennis-Sabalenka credits Philippoussis for helping fix service struggles

© Reuters/ASANKA BRENDON RATNAYAKE Australian Open MELBOURNE (Reuters) – World number three Aryna Sabalenka credited former Australian tennis player Mark Philippoussis for helping fix her misfiring serve in the build-up ... Read more »

Owen Farrell the ‘right man' to lead England into Six Nations, Eddie Jones claims

Eddie Jones insists Owen Farrell is still the best candidate to lead England into the Guinness Six Nations despite his lack of game time in the wake of ankle surgery. ... Read more »

Landi baut Online-Handel aus

© KEYSTONE/CHRISTIAN BEUTLER Die Landi möchte sich ein grösseres Stück vom wachsenden Online-Handel sichern. Sie baut daher ihr Angebot für Internet-Bestellungen aus. Neu liefern die regionalen Landi-Läden ihr gesamtes Sortiment ... Read more »

Vulkanausbruch und Tsunami: Tonga bestätigt drei Tote

Tongas Regierung hat in einer ersten offiziellen Mitteilung seit der gewaltigen Eruption des Untersee-Vulkans Hunga-Tonga-Hunga-Ha’apai im Pazifik mindestens drei Tote bestätigt. © Bereitgestellt von Blick Tonga bestätigt drei Tote Bei ... Read more »

'I still feel I have something to offer. I wouldn't be going back if I didn't think that'

TURNING 33 NEXT month, Padraic Maher gave his inter-county future some thought before committing to his 14 season with the Tipperary senior hurlers. After Brendan Maher’s retirement in the off-season, ... Read more »

Covid restrictions set to be ‘substantially reduced' next week says Sajid Javid – with WFH and jabs passports to be axed

COVID restrictions are set to be “substantially reduced” next week when Plan B measures are ditched, Sajid Javid declared today. In a huge boost to millions of Brits the health ... Read more »

Pokimane's streaming setup: Mouse, keyboard, headset and more

© Provided by Dot Esports Pokimane is one of the most popular streamers on Twitch. She began streaming in 2013 while attending college in Canada. Pokimane is one of the ... Read more »

The best perk combinations in Nobody Saves The World

© Provided by GamePur Drinkbox’s action RPG Nobody Saves The World is a dungeon crawling adventure where players can transform into various forms and mix and match abilities from each ... Read more »

Rikki Neave, 6, ‘murdered in wood by 13-YEAR-OLD who posed naked body in “star shape” before going on run for 30 years'

A TEEN murdered a six-year-old boy and posed his naked body in a “star shape” in woodland before fleeing for 30 years, a court heard today. James Watson was just ... Read more »

Death's Door, Hitman Trilogy, and more coming to Xbox Game Pass, according to leaks

© Provided by Dot Esports The full list of games coming to the Xbox Game Pass in the second part of January have been leaked, according to Polish gaming site ... Read more »

‘Fundamental error' meant child killing went unsolved for 20 years, court told

A “fundamental error” left the murder of a six-year-old boy unsolved for more than 20 years, a court has heard. James Watson was aged just 13 when he allegedly launched ... Read more »

Royal Family: Prince Andrew could be 'last' ever Duke of York

Prince Andrew may be the last ever Duke of York, it has been revealed. Traditionally, the Duke of York is the title given to the monarch’s second son. But, royal ... Read more »

Germany ready to pay high price to defend values - Baerbock in Moscow

© Reuters/MAXIM SHEMETOV Russian Foreign Minister Sergei Lavrov meets with German Foreign Minister Annalena Baerbock in Moscow By Alexander Ratz and Vladimir Soldatkin MOSCOW (Reuters) – Germany is ready to ... Read more »

Trans activists will not be charged over picture of JK Rowling's home

© Provided by The Guardian Photograph: Angela Weiss/AFP/Getty Images Police will take no action against trans rights activists who posted a photograph of JK Rowling’s home online. The author had ... Read more »

Making premature promises to lift Plan B restrictions ‘unwise', WHO warns

© AFP via Getty Images David Nabarro Making premature promises to end Plan B restrictions in England is “premature”, the World Health Organisation has warned, as the coronavirus is “constantly ... Read more »

Prince Andrew and Ghislaine Maxwell may have been in relationship, former friend claims

© Getty GettyImages-544081426 copy.jpg An ITV documentary will tonight lay bare the close relationships between Prince Andrew, Jeffrey Epstein and Ghislaine Maxwell and reveal claims that the convicted sex trafficker ... Read more »

HMRC to investigate 170,000 child benefit claims - with penalty fines for some families

Tens of thousands of working families face being investigated after the government changed the law to allow HMRC to chase people who may have been overpaid child benefit. The tax ... Read more »

‘Habambuhay' documentary on 100 years of Philippine cinema to stream online this January

TBA Studios FB Take a look at how Philippine cinema grew in the past 100 years through the documentary “Habambuhay.” As Philippine cinema celebrates 100 years, the documentary series shares ... Read more »

Hospitals in Ethiopia's war-torn north reel from shortages: ICRC

© Yasuyoshi CHIBA The ICRC says it is ‘profoundly concerned’ about the shortage of medical supplies Doctors in Ethiopia’s Tigray region are recycling surgical gloves and using salt to disinfect ... Read more »

ANC NWC hears calls for Sisulu's axing over controversial opinion piece

CAPE TOWN – A short African National Congress (ANC) National Working Committee (NWC) meeting has put issues around Lindiwe Sisulu’s contentious opinion piece on ice. While it was not on ... Read more »

Goldman Sachs drops as 4th-quarter earnings miss estimates on equity trading decline

© Jason Lee/Reuters David Solomon, the chief executive of Goldman Sachs. Jason Lee/Reuters Goldman Sachs stock fell 4% on Monday after it reported a rare earnings miss in its fourth-quarter ... Read more »

Government wins appeal over contract for firm linked to Dominic Cummings

© Provided by The Guardian Photograph: Toby Melville/Reuters The court of appeal has overturned a ruling that found that a government contract given to a polling company with links to ... Read more »

Barclaycard giving customers up to £300 each in ‘mystery' payouts - are you due money?

Barclaycard is making payments worth up to £300 to customers who were overcharged while on repayment plans. The payouts are being received by both current and former credit card customers ... Read more »

Outcry as India shuts Kashmir Press Club

© TAUSEEF MUSTAFA The Kashmir Press Club had issued statements critical of police actions hindering the media The Indian government has shut down the Kashmir Press Club, prompting an outcry ... Read more »

The Gap Between Tesla And Its Rivals Is Widening

© insideEvs.com Copyright Tesla Model Y (MIC) (source: Tesla Greater China) By the middle of 2022, it will be interesting to see if Tesla or its German rivals sell more ... Read more »

Festive season road carnage due to 'alcohol, speeding, overtaking, wet roads'

1685 people lost their lives on South Africa’s roads over the 2021/2022 festive season, Transport Minister Fikile Mbalula revealed on Tuesday. The death toll is 14% higher than the 2020/2021 ... Read more »

Ukraine-Russia: Putin and Biden are caught in a high-stakes gamble

It is a very bad idea — for all concerned. © Provided by CNN Yet the drumbeat towards another war in Ukraine is amplifying itself, taking on a life of ... Read more »

Netflix star Ramakrishnan, sportscaster Cole among CSA's special award winners

TORONTO — “Never Have I Ever” star Maitreyi Ramakrishnan and sportscaster Bob Cole are among those set to receive honours from this year’s Canadian Screen Awards.  The Academy of Canadian ... Read more »

Indonesia is building a new capital city because its current one is sinking

Indonesia’s parliament on Tuesday passed a law approving the relocation of its capital from slowly sinking Jakarta to a site 2,000 kilometres away on jungle-clad Borneo island that will be ... Read more »

Apple HomePod 2: price, release date, features and latest news

© Provided by What Hi-Fi? Apple HomePod 2: price, release date, features and latest news Apple raised a few eyebrows when it discontinued the original HomePod last year. The company’s ... Read more »

Die Kryptowährung Worldcoin lässt sich im Kanton Zug nieder

Worldcoin will eine Kryptowährung an eine Milliarde Menschen verteilen. Die Iris dient als Erkennungsmerkmal, und Zug wird Sitz der Stiftung. Grosse Ambitionen sind in der Welt der Kryptowährung nicht rar. ... Read more »

Trauermücken bekämpfen: Das hilft wirklich gegen die lästigen Fliegen aus dem Blumentopf

© Bereitgestellt von Berliner Kurier Auf den ersten Blick sind sie vor allem eins: super-nervig. Auf den zweiten Blick verwechselt man sie dann schnell mit Obstfliegen – und versucht sie ... Read more »

Emmerdale writer confirms killer Meena Jutla's 'judgement day' will have twist

Emmerdale is lining up big scenes in 2022, as Meena Jutla is set to face a comeuppance with a “twist”. Bosses have teased “judgement day” for the serial killer, while ... Read more »

MSPs to probe impact of Covid pandemic on children's attainment

A Holyrood committee is to examine the impact the Covid-19 pandemic has had on children’s attainment – and how successful Scottish Government cash has been in closing the gap between ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic