Business

Women -Free Venture Capital in the Upper -Level Struggle in Women -Centered Business: A Report


Nykaa CEO said VCs without women are in the top -tier struggle in women -focused businesses

New Delhi:

Venture capitalist firms that do not have women in decision-making positions find it difficult to understand women-centric businesses, a senior official of beauty and health e-commerce platform Nykaa said on Saturday.

Nykaa CEO Adwaita Nayar at the FICCI event said that her company’s founder approached several investors but was turned down due to the absence of women in critical positions in venture capitalist firms.

“We had to talk to over 100 investors in the early days. All of them said no-no, we’re not interested. The same investors who are now very interested. I think a big part of the problem is that a lot of these venture capital firms don’t have women in investment positions. If you don’t have women making decisions on the other side, then you don’t really understand women-centric business, ”Nayar said.

He and his mother Falguni Nayar founded the business, and his brothers joined the business about three years ago.

“I think, honestly for me, really feeling the bias against women has come in a subtle way over the last 9-10 years,” Nayar said.

Nayar said when the company contacted the banker for an initial public offering and at one point, he realized that the banker was praising his brother for building the business when he intervened and told them that he had helped build the business for Nykaa. .

“At one point, I had to stop them. I helped build this business. So you have to make yourself heard. You have to take space. You have to stand up because there is a biased season. They do show up,” Nayar said.

Nykaa, which focuses on the beauty, fashion and personal care trade, has recorded a decline of about 57 per cent in consolidated profit after tax to Rs 29 crore in the third quarter ended December 31, 2021, after more than doubling its marketing expenses to acquire customers.

The company had registered a PAT of Rs 68.9 crore in the same period a year ago.

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