nykaa: Nykaa CFO resigns to pursue different alternatives in tech area

Arvind Agarwal, the chief monetary officer of omnichannel vogue and wonder retailer Nykaa has resigned to pursue different choices within the expertise area.

Nykaa stated on Tuesday that it was within the strategy of appointing a brand new CFO.

“Arvind Agarwal, Chief Monetary Officer of FSN E-Commerce Ventures Ltd (Nykaa’s dad or mum entity) can be leaving the corporate, efficient shut of enterprise hours on November 25, 2022, to pursue different alternatives within the digital financial system and startup area,” the corporate stated in a submitting to the BSE.

Nykaa founder and chairperson Falguni Nayar credited Agarwal for his essential position within the firm’s emergence as a listed and worthwhile startup. “Whereas we do remorse shedding him, we’re aware of his private goals, and want him all of the luck,” she stated.
“It has been nice to be part of the unbelievable Nykaa journey so far,” Agarwal stated. “All my studying and experiences thus far have set me up for pursuing totally different private development alternatives within the digital financial system and startup area.”

Meals supply platform Zomato has additionally seen top-level exits in latest days with
cofounder Mohit Gupta, head of recent initiatives
Rahul Ganjoo and its intercity meals supply head Siddharth Jhawar asserting their exits.

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Agarwal’s resignation comes barely a month after shares slipped under their problem value.

Tech shares have confronted a rout this 12 months, with fairness costs of a number of corporations resembling Zomato, Paytm, and Delhivery falling under their problem value.

Nykaa was among the many best-performing ones because it had practically doubled on itemizing day in November final 12 months.

Traders have been promoting Nykaa shares over rising competitors and due to scepticism over the prospects of tech corporations not solely in India however around the globe.

Nykaa shares
fell 4.5% on Tuesday to shut at Rs 175.20 on the BSE.

Nykaa earlier this month
reported a 344% year-on-year bounce in its September quarter web revenue, at Rs 5.2 crore. Income from operations rose 39% YoY to Rs 1,230.8 crore.

Within the magnificence and private care phase, Nykaa’s Gross Merchandise Quantity (GMV) grew 39% YoY to Rs 1,630 crore within the second quarter whereas the style enterprise recorded a GMV development of 43% YoY to Rs 599.1 crore.

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