Wish I'd had a co-founder to tide over tech struggles initially: Nykaa's Falguni Nayar
Billionaire Falguni Nayar on Tuesday said she wished she had a technology proficient co-founder from the beginning of her entrepreneurial journey, stating that her beauty products selling venture Nykaa struggled initially.
The investment banker-turned-entrepreneur, who is the founder and chief executive of the listed company, said she had no idea about retail or technology when she decided to take the entrepreneurial plunge in 2012. The only thing she had was clarity to be an entrepreneur and then she went looking for an idea.
“I wish I had a co-founder from the technology field, that would have given me a great start,” Nayar said at an event hosted by Kotak Mahindra Bank, from where she quit to start her entrepreneurial journey.
Her newly formed venture struggled with technology for over four years initially and technology became a constraint in the journey, Nayar said, adding that she only knew finance professionals before starting the journey.
She advised entrepreneurs taking the plunge to love their ideas and be sure that they are in it for the long haul. Keeping the ship at an even keel can help weather the travails of running an enterprise through the highs and lows, she said.
Further, Nayar said she was advised by many people to focus on fashion or electronics rather than beauty because of the higher volumes in the segments, but added that an urge not to be a me too led her to choose the nascent beauty products space.
She was speaking at the launch of Kotak Wealth, an integrated offering from the private sector lender which combines offerings across the wealth management, portfolio management and alternate investing, among others, to provide a holistic approach to clients.
K V S Manian, the banks wholetime director, said the overall Assets Under Management (AUM) for the group is Rs 6.5 lakh crore.
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