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<ul><li><keyword id="19903330" type="General" weightage="100" keywordseo="Nykaa" source="keywords" meta.keywordsubtype="org" meta.entityname="Nykaa" meta.hostid="261" meta.entityid="Nykaa">Nykaa</keyword> has sued its former Chief Business Officer</li><li>Nykaa accuses him of breach of contract</li><li><keyword id="20209792" type="General" weightage="20" keywordseo="Gopal-Asthana" source="keywords">Gopal Asthana</keyword> currently heads <keyword id="20050933" type="General" weightage="20" keywordseo="Tata-Cliq" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Cliq" meta.hostid="261" meta.entityid="Tata Cliq">Tata Cliq</keyword></li></ul> In a legal battle between two major players in the fashion and beauty industry, Nykaa has taken action against its former Chief Business Officer, Gopal Asthana, who is now leading Tata Cliq. The company has accused Asthana of "breaching confidentiality, misappropriation of proprietary data and seeking to harm its business," an Economic Times report says. Additionally, Nykaa says that Asthana approached the company's employees (who were earlier reporting to him) to join Tata Cliq, a direct competitor. Nykaa, led by <keyword id="20875531" type="General" weightage="20" keywordseo="falguni-nayar" source="keywords">Falguni Nayar</keyword>, filed a petition in the Bombay High Court, claiming that Asthana used his previous position at Nykaa to persuade staff members he once supervised to move over to Tata Cliq. Some of these employees, the company stated, had already made the switch in the past year. Nykaa believes this has harmed its business and seeks to protect its proprietary data. Asthana had been a key executive at Nykaa for four years before moving to Tata Cliq in June 2023. Despite a non-compete agreement, Nykaa allowed him to join Tata Cliq after a three-month break, known as garden leave. However, the company now claims he misused confidential business information to benefit his new employer. <div type="Article" hostid="261" msid="113021204" title="70-hour work week to sleeping in offices: Golden words on hustle culture from NR Narayana Murthy, Elon Musk, and other billionaires" mstype="2" mssubtype="0"></div> In response, Nykaa is demanding a refund of Rs 19 crore in employee stock options that Asthana received during his time at the company. Additionally, the company is seeking Rs 5 crore in damages, citing loss of goodwill and business impact. The court has temporarily barred Asthana from recruiting Nykaa employees for Tata Cliq, though <keyword id="20037043" type="General" weightage="20" keywordseo="Tata-Digital" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Digital" meta.hostid="261" meta.entityid="Tata Digital">Tata Digital</keyword> itself has not been named in the case. Asthana, now the CEO of Tata Cliq, has denied the allegations, saying they are “incorrect” and will be addressed during arbitration. While he acknowledged the dispute, he stressed that it is strictly between him and his former employer, with Tata Cliq not being directly involved in the legal proceedings. He was quoted by ET, “However, since the matter is sub-judice, I can’t comment on the same. The matter is between my former employer and me, and my current employer is not a party in the matter and therefore best left out in the discussion." Both Nykaa and Tata Cliq are fierce competitors in the beauty and fashion space, going head-to-head with other major players like Reliance’s Ajio, Flipkart’s Myntra, and Amazon Fashion. Nykaa is counting on significant growth in its fashion business, expecting a 20% year-on-year revenue increase, making this legal conflict a high-stakes issue for the company. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/iit-bombay-2024-placements-lowest-salary-drops-to-rs-4-lpa-22-students-get-rs-1-crore-package/articleshow/113015190.cms" data-type="tilCustomLink" target="_blank">IIT Bombay 2024 placements: Lowest salary drops to Rs 4 LPA, 22 students get Rs 1 crore package</a> <a href="https://www.businessinsider.in/tech/news/ai-generated-content-on-the-internet-today-is-more-than-human-generated-study/articleshow/113079845.cms" data-type="tilCustomLink" target="_blank">The internet has more AI-generated content today than human-created and this could mean trouble</a>

Nykaa sues Tata Cliq CEO Gopal Asthana for contract breach, says he approached employees to join rival company

10 richest women in India in 2024

The brains behind India’s burgeoning beauty industry

<ul><li>FSN E-Commerce Ventures that runs <keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> clocks net profit of ₹5 crore in June quarter, while revenues jump 41% to ₹1,148 crore as demand improves</li><li>Founder and CEO <keyword id="6379793" type="General" weightage="20" keywordseo="falguni-nayar" source="Orion">Falguni Nayar</keyword> says the company has booked good sales in June quarter despite the challenging environment.</li><li>It has accelerated offline expansion with 8 physical stores across cities like Pune, Coimbatore, Delhi, Ranchi with stores count rising to 113 stores across 52 cities.</li></ul>FSN E-Commerce Ventures, the parent company of online retailer Nykaa, on Friday reported a net profit of ₹5 crore in April-June quarter, while revenues grew 41% at ₹1,148 crore backed by signs of demand recovery in all verticals. Sequentially, Nykaa’s net profit fell 34% as it had reported a profit of ₹7.6 crore in the March quarter. Founder and CEO Falguni Nayar said that the company booked good sales in June quarter despite the challenging environment. “Our business continues to grow across the verticals, despite an adverse and challenging macroeconomic environment, demonstrating the strength of our business fundamentals and unique customer-first experiences. The beauty vertical, online and offline, is witnessing growth momentum, while building efficiencies across the value chain,” said Nayar. Its gross merchandise value increased 47% year-on-year to ₹2,155.8 crore in the first quarter of FY23. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q1 FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,148 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹817 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">41% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹5 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3.5 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">42% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">EBITDA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">71 basis points </td></tr></tbody></table> Nykaa, which has been opening stores to let consumers recognize their brand, has accelerated offline expansion with 8 physical stores across cities like Pune, Coimbatore, Delhi, Ranchi, Ahmedabad and Kolkata. With this, total physical stores count stands at 113 stores across 52 cities. The company has plans to triple the store count to 300 across 100 cities. Further, the company is gearing up for the upcoming festive season and resuming offline shopping behaviour. “As a result of the significant discipline that we ensured in our retail store business during the COVID affected periods, we are now witnessing the positive effect of scale on our unit economics, especially with the return of offline shopping behaviour. The consumer demand for beauty, personal care and wellness is also showing early signs of recovery and we are gearing up for a promising festive season this year,” she said. SEE ALSO <a href="https://www.businessinsider.in/retail/news/aditya-birla-fashion-records-its-highest-ever-q1-sales-hopes-q2-to-be-bigger/articleshow/93374170.cms">Aditya Birla Fashion records its highest ever Q1 sales, hopes Q2 to be bigger</a> <a href="https://www.businessinsider.in/personal-finance/now-nris-can-pay-parents-utility-bills-and-childrens-school-fees-in-india/articleshow/93368504.cms">Now, NRIs can pay parents' utility bills and children's school fees in India</a> <a class="tout-title-link" href="https://www.businessinsider.in/finance/news/shaktis-gati-on-interest-rate-hike-to-continue/articleshow/93366502.cms">Shakti’s Gati on interest rate hikes to continue</a>

Nykaa’s Q1 net profit at ₹5 crore, Falguni Nayar says demand recovering in beauty, personal care

A total of $1.7 billion has been invested by private equity and venture capitals in the Indian electric vehicle (EV) industry in 2021, the <keyword id="14567073" type="General" weightage="50" keywordseo="indian-private-equity-and" source="Orion">Indian Private Equity and</keyword> <keyword id="426325" type="General" weightage="50" keywordseo="venture-capital-association" source="Orion">Venture Capital Association</keyword> (<keyword id="214382" type="General" weightage="80" keywordseo="ivca" source="Orion">IVCA</keyword>) said on Wednesday. According to IVCA President <keyword id="232875" type="General" weightage="80" keywordseo="rajat-tandon" source="Orion">Rajat Tandon</keyword>, a sum of $1.7 billion was invested by private equity funds and venture capitalists in the Indian EV sector, while during 2022, the investment has touched $66 million so far. The IVCA also launched a report on 'Electrifying Indian Mobility' in partnership with EY and IndusLaw which estimated the Indian EV industry to create over 10 million direct and 50 million indirect jobs by 2030. Many new and first-time investors are joining the bandwagon. However, experts feel that there is a need for the government and larger investor community to come together and work towards more sustainable solutions. According to <keyword id="13045486" type="General" weightage="80" keywordseo="srihari-mulgund" source="Orion">Srihari Mulgund</keyword>, New Age Mobility Partner, <keyword id="14571131" type="General" weightage="20" keywordseo="ey-parthenon" source="Orion">EY-Parthenon</keyword>, electrification of Indian mobility presents a 'once-in-a-lifetime opportunity' to reimagine the future of the Indian automotive sector. Technology will be a key enabler for a successful transition and given that technology is evolving faster than ever, the players need to make multiple bets to survive and grow during this transition. Hence, capital becomes a strategic lever as we embark on this journey to electrify mobility, <keyword id="1011604" type="General" weightage="80" keywordseo="mulgund" source="Orion">Mulgund</keyword> said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/samsung-teases-its-upcoming-foldable-phone-check-out-the-expected-design-and-features/articleshow/93159080.cms">Samsung teases its upcoming foldable phone - check out the expected design and features</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/nykaas-falguni-nayar-takes-over-kiran-mazumdar-shaw-as-the-richest-self-made-indian-woman/articleshow/93158649.cms">Nykaa’s Falguni Nayar takes over Kiran Mazumdar Shaw as the richest self made Indian woman</a>

PEs, VCs pump in $1.7 billion into the EV industry in 2021, says report

<ul><li><keyword id="6379793" type="General" weightage="100" keywordseo="falguni-nayar" source="Orion">Falguni Nayar</keyword> is the richest self-made billionaire with a net worth of ₹57,520 crore.</li><li>However, <keyword id="1490249" type="General" weightage="20" keywordseo="Roshni-Nadar-Malhotra" source="Orion">Roshni Nadar Malhotra</keyword> of HCL Technologies is the wealthiest woman, as per Kotak Private Banking Hurun list.</li><li>Around 25 new women have entered into the list this year, says the report.</li></ul>It’s beauty over biotech as Falguni Nayar overtook Biocon’s <keyword id="6413985" type="General" weightage="20" keywordseo="kiran-mazumdar-shaw" source="Orion">Kiran Mazumdar-Shaw</keyword> as India’s richest self-made woman with a wealth of ₹57,520 crore, as per Kotak Private Banking Hurun’s list of India’s wealthiest women. Nayar’s ranking went up nine places in the list, after the company she founded, Nykaa, went public last year. Roshni Nadar Malhotra of HCL Technologies however retained her title as the wealthiest woman on the list with ₹84,330 crore, for the second year in a row. Around 25 new women have entered into the list this year, says the report. The report further highlights that the cut-off wealth required to feature in the list has almost tripled since last year to ₹300 crore. The women on the 2021 list have an average wealth of around ₹4,170 crore as against ₹2,725 crore in the last year. “Over the years, Indian women are slowly yet surely coming into their own - carving a space for themselves through knowledge, excellence, passion, and empathy,” said <keyword id="14568875" type="General" weightage="80" keywordseo="oisharya-das" source="Orion">Oisharya Das</keyword>, CEO – private banking, <keyword id="46013" type="General" weightage="50" keywordseo="kotak-mahindra-bank" source="Orion">Kotak Mahindra Bank</keyword>. The list is based on the net worth of women as on 31 st December, 2021. <cmsannotation type="cmsannotation" annotationid="More younger women are becoming self-made billionaires" comment="subhead" text="More younger women are becoming self-made billionaires">More younger women are becoming self-made billionaires</cmsannotation> Even though the founder of Biocon, Shaw, was displaced — her sector pharmaceuticals too saw the most number of new entrants, followed by healthcare and consumer goods. 9 out 20 women under the age of 40 years or younger category are self-made, according to the report. Three professional managers also made it to the list. Pepsico’s <keyword id="6421975" type="General" weightage="80" keywordseo="indra-nooyi" source="Orion">Indra Nooyi</keyword> is the richest professional manager, with a wealth of ₹5,040 crore. And, 33-year-old Kanika Tekriwal of Jetsetgo is the youngest self-made woman. “Women-led wealth creation directly improves women’s employment, corresponding families, and society. Inclusion of women, who represent 50% of India’s population in the workforce or wealth creation, cuts across societal barriers,” said <keyword id="2672295" type="General" weightage="80" keywordseo="anas-rahman-junaid" source="Orion">Anas Rahman Junaid</keyword>, MD and chief researcher at <keyword id="3656834" type="General" weightage="50" keywordseo="hurun-india" source="Orion">Hurun India</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/5g-spectrum-auctions-big-money-is-in-but-no-bidding-war-yet/articleshow/93156289.cms">5G spectrum auctions: Big money is in but no bidding war yet</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/a-massive-data-breach-in-2020-impacted-3-4-million-paytm-usersheres-how-to-find-out-if-your-data-was-compromised/articleshow/93157246.cms">A massive data breach in 2020 impacted 3.4 million Paytm users – here’s how to find out if your data was compromised</a>

Nykaa’s Falguni Nayar overtakes Kiran Mazumdar Shaw as the richest self-made Indian woman

Nykaa's bumper listing

<ul><li><keyword id="6379793" type="General" weightage="20" keywordseo="falguni-nayar" source="Orion">Falguni Nayar</keyword>’s net worth surged to $6.5 billion as <keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> listed at a over 70% premium on the stock exchange.</li><li>The company’s market cap also breached the ₹100,000 crore mark within a few hours of its stock exchange debut.</li><li>Nayar founded Nykaa at the age of 50 after quitting as the MD of Kotak Investment Banking.</li></ul>Nykaa’s founder and chief executive Falguni Nayar has become India’s wealthiest self-made female billionaire after the beauty ecommerce brand’s successful initial public offering (IPO). According to the Bloomberg Billionaires Index, Nayar’s net worth surged to $6.5 billion as Nykaa listed at a over 70% premium on the stock market. Indian Institute of Management (IIM), Ahmedabad graduate Nayar has previously worked with AF Ferguson &amp; Co and Kotak Mahindra Group. She was appointed as the managing director of Kotak Investment Banking in 2007, but exited the company in 2012. At the age of 50, she founded Nykaa. Nykaa’s (FSN E-Commerce Venture Limited) shares were offered within a price range of ₹1,085 to ₹1,125, but the company made its <a href="https://www.businessinsider.in/stock-market/news/nykaa-starts-trading-at-2001-a-premium-of-77-87/articleshow/87618803.cms">stock market debut ₹2,001 earlier today</a>. This is a premium of 77.87%. WATCH MORE: Nykaa, an Indian fashion and cosmetics brand, has beaten the country’s <a href="https://www.businessinsider.in/business/corporates/news/nykaa-is-now-bigger-than-coal-india-britannia-irctc-and-almost-double-of-hero-motocorp/articleshow/87635312.cms" data-type="tilCustomLink">biggest biscuits maker and online job portal</a> with a blockbuster IPO. <div type="Video" msid="87641712" hostid="261" title="Nykaa's bumper listing" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=87641712"></div> The shares were trading at ₹2,203 at 12:39 p.m., on November 10, representing a premium of nearly 96% over the issue price of ₹1,125. The company’s market cap also breached the ₹100,000 crore mark within a few hours of its stock exchange debut. . A total of<a href="https://www.businessinsider.in/business/startups/news/nykaa-will-spend-its-ipo-money-on-setting-up-retail-stores-and-repaying-loans/articleshow/84996894.cms"> 17 investors</a> — both institutional and individual — sold part of their shareholdings as OfS in Nykaa’s IPO. This included Falguni and her husband Sanjay Nayar’s family office named Sanjay Nayar Family Trust, TPG Growth, Lighthouse India, J M Financial and Investment Consultancy and others. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/paytm-ipo-subscription-day-2/articleshow/87608830.cms">Half of Paytm’s shares have been subscribed so far — today is the last day to subscribe</a> <a href="https://www.businessinsider.in/science/news/nasa-is-pushing-its-human-moon-landing-back-to-2025-and-its-top-official-worries-china-will-beat-the-us-there/articleshow/87616430.cms">NASA is pushing its human moon landing back to 2025, and its top official worries China will beat the US there</a> <a href="https://www.businessinsider.in/business/startups/news/policybazaar-ipo-how-to-check-allotment-status/articleshow/87609021.cms">PolicyBazaar’s IPO will be allotted today — here’s how you can check the status</a>

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Nykaa sues Tata Cliq CEO Gopal Asthana for contract breach, says he approached employees to join rival company

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10 richest women in India in 2024

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The brains behind India’s burgeoning beauty industry

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Nykaa’s Q1 net profit at ₹5 crore, Falguni Nayar says demand recovering in beauty, personal care

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PEs, VCs pump in $1.7 billion into the EV industry in 2021, says report

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Nykaa’s Falguni Nayar overtakes Kiran Mazumdar Shaw as the richest self-made Indian woman

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Nykaa's bumper listing

Business Insider India

Falguni Nayar’s net worth surges to $6.5 billion after Nykaa’s successful IPO

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