Adwaita and Sanjay Nair on Building Nykaa, KKR Lessons and Tough Calls | The Quest

Nykaa crossed $1 billion in revenue in FY26, with profit after tax tripling. In this episode of The Quest, Adwaita Nayar of Nykaa and her father Sanjay Nayar of Sorin Investments open up on how it was built, and on what four decades of investing taught them about risk, exits and mistakes.The Quest is a new video podcast from The Economic Times. Executive Editor Sruthijith KK sits down with business leaders from around the world to explore their pursuit of growth, greatness and lasting impact. These are long, candid conversations about what drives them, the risks they took and the mistakes that shaped them.The Nayar story is often called the Indian dream. Falguni Nayar and Sanjay Nayar met at IIM Ahmedabad, married, and built big global careers in finance. Sanjay went on to lead Citi India and KKR India, while Falguni became a leading investment banker. At 50, Falguni turned entrepreneur and, with Sanjay and their daughter Adwaita, built Nykaa, which has changed how India shops for beauty. It now has a market cap of about $10 billion, and more than half the company is still owned by the founding family.