A decade ago, whenever Falguni Nayar travelled to the U.S., her favourite shopping destination would be Sephora. She secretly wished to recreate an Indian version of the popular beauty retail brand. In 2012, Nayar founded Nykaa — a desi beauty and fashion platform. Less than a decade later, ask any young Indian woman consumer about her preferred choice to shop for beauty needs, the answer will most likely be Nykaa. The company is now omnichannel with 73 stores across 38 cities, and generates $334 million in annual revenue. It is a rare digital platform that is profitable, and is currently valued at $2.3 billion. Apart from retailing 1,350 brands from across the world, Nykaa also has its own portfolio, especially for the value-conscious Indian consumer. These include Nykaa Cosmetics, Nykaa Naturals, Kay Beauty, Twenty Dresses and Pippa Bella. The company is all set for its IPO, and is looking to raise $71 million. The listing is expected to value it at $4.5 billion. Nayar and her family currently own 54% of the company. — Ajita Shashidhar