Nykaa’s Falguni Nayar, other newcomers on India’s 100 richest Forbes 2022 list

The Forbes 2022 list of India’s 100 richest has several new names as the data reveals the extraordinary rise in the wealth of the top 100 club in the country despite concerns over depreciation in the value of rupee and inflation worries worldwide. Nykaa’s Falguni Nayar- hailed among the country’s richest self-made billionaires – is also among the top 100 this year.

With a net worth of $4.8 billion, as per the Forbes data, after Nykaa’s bumper IPO (Initial Public Offer), Nayar stands at the 44th spot in the list. She had founded the brand in 2012 “with the vision of building a multi-brand omnichannel beauty-focused retail business”. The IIM Ahmedabad graduate heads a team “of over 1600 Nykaa-ites,” as per her bio on her LinkedIn profile, which further reads: “Falguni has built a beauty and lifestyle retail empire with a portfolio of 1500+ brands, including its own private label, available online and across 68 stores in India. Nykaa’s revenue exceeded Rs. 1200 crores in revenue in FY19 and is on track to exceed Rs. 2000 crores in FY20.”

Apart from Nayar, other newcomers on the list are:

1) Rekha Jhunjhunwala, the wife of Rakesh Jhunjhunwala who is fondly remembered as India’s very own Warren Buffet. At the 30th spot, Rekha has replaced her husband – also known as the big bull of the Indian share market – on the list. She has a net worth of $5.9 billion.

2) Vakil family: Nehal Vakil is the representative of the third generation of the family that is running Asian Paints, founded in 1942. The family – in total – is worth $.52 billion.

3) Venu Srinivasan of the TVS group, one of the largest two-wheeler manufacturers in the world, is also a new entrant on the list this year. He is also the recipient of Padma Bhushan, the third-highest civilian award in the country.

4) Ravi Modi is the owner of Vedant Fashions, named after his only son. The manufacturer of Indian ethnic wear – known for the Manyawar brand – went public in 2022.His total worth is about $3.6 billion.

Nirmal Minda, Chairman and MD of UNO Minda (formerly Minda Industries), and Rafique Malik of the Metro Brands are among the other new entrants on the list.

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