Breaking the glass ceiling: Women founders taking their companies public

For too long, the corporate world has been a man’s game. But the tide is turning. A new crop of women entrepreneurs is shattering barriers, transforming their visions into powerful, multimillion-dollar companies and doing what many thought was impossible: taking their businesses public. They are defying a system that wasn’t built for them, rewriting the playbook, and proving that innovation, leadership, and resilience are not bound by gender.

From beauty empires and fintech powerhouses to commercial real estate, these pioneers are flipping the script on what it means to succeed in the boardroom and on the stock exchange. With their grit, innovation, and relentless drive, they’re making history and proving that success doesn’t have a gender. Meet the women who are not just raising the stakes—they’re changing the game entirely.

Discover the inspiring journeys of six women founders, some of whom have already led their companies to public listings, while others are on the cusp of achieving that milestone.

The Trailblazers

Falguni Nayar, Nykaa: Beauty beyond boundaries

Falguni Nayar, the Founder of Nykaa, is a name synonymous with India’s beauty revolution. A former investment banker with a stellar career at Kotak Mahindra Capital, Falguni took a leap of faith in 2012 to create an ecommerce platform dedicated to beauty and wellness. Her vision paid off when Nykaa went public in November 2021, becoming India’s first woman-led unicorn to list on the stock exchange. The IPO was a resounding success, with the company valued at over $13 billion.

The Nykaa growth story

Nykaa was born out of Falguni’s observation of gaps in India’s beauty market. Inspired by the thriving beauty industries in countries like France and Japan, she identified the lack of accessibility to authentic beauty products in India. Starting with just three employees and no prior experience in retail or beauty, Falguni built Nykaa into a powerhouse.

Funding and shareholding

Nykaa raised $711.1 million across 16 funding rounds, with notable investors like BlackRock, Steadview Capital, and Fidelity. The company raised Rs 5,352 crore through its public issue. At the time of its IPO, Falguni and her family held a 52.16% stake, underscoring her significant control over the company.

Challenges and triumphs

Nykaa faced early technical challenges, including website crashes as order volumes surged. However, its resilience and commitment to customer experience helped it overcome these hurdles. Today, Nykaa thrives as a beauty-focused platform, competing with giants like Myntra and Ajio.

Ghazal Alagh, Mamaearth: From mompreneur to market leader

Ghazal Alagh, Co-founder of Mamaearth, turned a personal struggle into a thriving business. Founded in 2016, Mamaearth addresses the lack of safe, toxin-free baby and skincare products in India. Headquartered in Gurgaon, the brand has become a household name, valued at over $1.2 billion, and is now listed on the stock exchange.

The Mamaearth journey

The idea for Mamaearth was born when Ghazal struggled to find safe baby products in India. This gap inspired them to create Asia’s first "MADE SAFE" certified brand, offering natural, toxin-free products. Starting with baby care, Mamaearth expanded into skincare, haircare, and wellness.

Funding and shareholding

Mamaearth has raised over $89.4 million across seven funding rounds, with investors like Peak XV Partners, Fireside Ventures, and Stellaris Venture Partners. At the time of its IPO, Ghazal held a 3.22% stake in the company.

Challenges and triumphs

Early challenges included ineffective marketing and high customer acquisition costs. However, Mamaearth adapted by refining its target audience and communication strategy, leading to rapid growth. The brand’s focus on innovation, sustainability, and customer trust, including initiatives like plastic recycling, set it apart.

Upasana Taku, MobiKwik: Pioneering Digital Payments

Upasana Taku, Co-founder of MobiKwik, is a trailblazer in India’s fintech space. In 2009, she launched MobiKwik with a vision to simplify digital payments for millions of Indians. Today, the platform is one of India’s leading mobile wallets and financial services platforms. The company achieved unicorn status in 2021 and launched its IPO in December 2024, raising Rs 700 crore to fuel its growth ambitions. The stock listed at a whopping 58% premium on the bourses.

The MobiKwik journey

Upasana Taku’s journey began with a strong academic foundation. After earning a B.Tech in industrial engineering from NIT Jalandhar and an MS in management science and engineering from Stanford University, she gained valuable experience at HSBC and PayPal. However, her desire to contribute to India’s startup ecosystem led her to co-found MobiKwik in 2009.

Funding and shareholding

MobiKwik has raised approximately $284 million across 24 funding rounds, with notable investors like Black Soil, Bajaj Finserv, and American Express. In 2021, the company achieved unicorn status. Upasana is the third largest stakeholder in the company, holding a 13.09% stake.

Challenges and triumphs

Upasana faced numerous challenges, including gender bias in investor meetings and operational hurdles. Despite these obstacles, her resilience and strategic vision helped MobiKwik navigate the competitive fintech landscape.

On the road to IPO

Meghna Agarwal, IndiQube: Shaping India’s flexible workspace future

Meghna Agarwal, Co-founder of IndiQube, is transforming India’s commercial real estate landscape. In 2015, Meghna set out to provide a tech-enabled “office-in-a-box” solution to meet the growing demand for flexible and scalable workspaces. With her vision, IndiQube quickly became one of India’s leading managed workspace providers, offering over 100 properties across 13 cities, covering 7.76 million sq. ft. of space.

Meghna’s strategic approach, which blends technology with seamless office solutions, has attracted marquee clients like Myntra, upGrad, Zerodha, NoBroker, RedBus, Juspay, MG, Perfios, Enphase, Mettler Toledo, ninjacart, Siemens, Elanco, Allegis, meero, Visionet, G2, Conference, Quest Global amongst many others have chosen IndiQube as their preferred workspace partner.

The IndiQube growth story

IndiQube was born from Meghna’s diverse entrepreneurial background in manufacturing, HR consulting, and commercial real estate. Identifying the challenges businesses face in setting up and scaling their office spaces, she envisioned bringing the on-demand revolution into commercial real estate with customisable workspace solutions powered by technology.

This simple yet effective approach enabled IndiQube to thrive and scale rapidly. The company registered a revenue of Rs 868 crore in FY24 and received a CRISIL A+ rating.

Towards market debut

IndiQube has attracted $45 million in three funding rounds with strategic investments from WestBridge Capital and other institutional investors. As the company that filed its DRHP for a Rs 850 crore IPO, it remains committed to expanding its portfolio and enhancing its tech-driven offerings. Meghna currently holds 18.84% equity in the company and the promoters jointly hold 69.32% equity

Challenges and triumphs

Despite disruptions like the COVID-19 pandemic and a downturn in the commercial real estate market, Meghna’s leadership guided IndiQube to adapt and grow. By providing holistic workplace solutions and expanding into untapped markets, the company continues to lead in the flexible workspace industry.

Ruchi Kalra, OfBusiness: Empowering SMEs with innovation and resilience

Ruchi Kalra, Whole-time Director and Chief Financial Officer of OfBusiness, is a trailblazer in India’s B2B commerce and fintech landscape. She transformed OfBusiness into a unicorn startup offering raw materials, financing, and tech solutions to SMEs. Her journey from consulting at McKinsey to spearheading this transformative platform underscores her remarkable entrepreneurial spirit.

The OfBusiness journey

Ruchi’s strong academic and professional background—an alumnus of IIT Madras and IIM Ahmedabad—paved the way for her entrepreneurial success. In 2015, she co-founded OfBusiness to address critical challenges faced by SMEs in raw material procurement and financing. Initially focusing on industrial materials like steel and chemicals, the platform expanded to offer credit solutions and tech services. Today, OfBusiness serves over 20,000 SMEs, blending commerce, financing, and technology into a comprehensive growth platform.

Towards market debut

OfBusiness has raised over $758 million over 13 funding rounds from investors such as SoftBank, Matrix Partners, and Falcon Edge Capital. Post-IPO in 2024, Ruchi and Asish retained significant stakes, with SoftBank holding 20% as the largest institutional investor. OfBusiness is preparing for an IPO that is projected to raise between $750 million and $1 billion, with a valuation of approximately $6 to $9 billion.

Challenges and triumphs

Navigating the highly competitive B2B sector was no easy feat. Trust issues among SMEs regarding digital adoption and intense competition from players like IndiaMART posed hurdles. The COVID-19 pandemic further disrupted supply chains. Ruchi’s strategic focus on innovation and resilience helped OfBusiness overcome these challenges. By offering tailored credit solutions and ensuring timely raw material delivery, the company built strong customer relationships.

Vineeta Singh, Sugar Cosmetics: From bold ideas to IPO aspirations

In 2015, Vineeta Singh co-founded Sugar Cosmetics with a vision to create a beauty brand that resonated with Indian women, offering products designed for their unique skin tones. What started with just two products—a matte eyeliner and kohl pencil—has evolved into a major player in the Indian beauty market, with a catalogue of over 450 products. Under Vineeta’s leadership, the company has grown into one of the leading premium beauty brands in India.

The Sugar Cosmetics journey

While the early days were challenging—securing funding, managing suppliers, and building a brand from scratch—her commitment to delivering innovative, high-quality products for Indian women helped Sugar Cosmetics carve out a niche. Sugar Cosmetics’ growth story is built on a combination of market insight and strategic expansion. The brand quickly scaled its presence, reaching over 10,000 retail locations across 130 cities. The company's digital-first approach helped it navigate tough times, particularly during the pandemic. With a focus on expanding online sales and strengthening customer engagement, Sugar Cosmetics turned challenges into opportunities, positioning itself for continued growth.

Funding and shareholding

As Sugar Cosmetics scaled, it attracted significant investor interest. The company has raised $91.4 million in funding over 15 rounds, including a $50 million Series D led by L Catterton in 2022. Other notable investors include A91 Partners and Elevation Capital, with Bollywood actor Ranveer Singh also joining as an investor. Vineeta remains a major shareholder, with a 24.86% stake in the company, reflecting her ongoing commitment to the brand’s success.

IPO aspirations

With a revenue of over Rs 500 crore for FY24, Sugar Cosmetics plans to go public within the next two to three years, with the goal of hitting Rs 1,000 crore in revenue while ensuring sustainable profitability. Vineeta’s vision remains clear: build a strong foundation for long-term growth and success.

Challenges and triumphs

Sugar Cosmetics faced significant challenges during the pandemic, from disrupted supply chains to changing consumer behaviours. However, Vineeta’s ability to adapt quickly and prioritize digital transformation helped the brand stay resilient. The introduction of new product lines, along with a stronger online presence, allowed Sugar Cosmetics to continue expanding and innovating.