Nykaa CFO Arvind Agarwal resigns

• ByStartupStory     |    November 22, 2022

Arvind Agarwal, the Chief Financial Officer (CFO) of FSN E-Commerce Ventures, also known as Nykaa, resigned from his position on Tuesday to pursue other opportunities in the start-up and digital economy sectors. On November 25, 2022, Agarwal will leave Nykaa once its business hours have ended. For Nykaa shares, this week has started out negatively. In two days of trading sessions, the stock has fallen by almost 2%.

Regarding his resignation, Agarwal stated, “Being a part of the amazing Nykaa journey so far has been wonderful. My education and experiences up to this point have prepared me for exploring various opportunities for personal development in the start-up and digital economy sectors. I’ll always be a part of the Nykaa Family and wish Nykaa the best of luck on its future growth path.”

Falguni Nayar, the organization’s founder and chair, said: “Arvind deserves praise for the crucial part he played in Nykaa’s transformation into a listed and successful start-up. Even though we are sorry to have lost him, we are aware of his individual goals and wish him well.” With effect from November 25, Agarwal will also stop being a Key Managerial Personnel (KMP). Nykaa stated that the business is currently hiring a new CFO and would notify the stock exchanges when the new CFO begins.

On November 22, Nykaa shares decreased by 4.55% to settle at $175.20 per share on the BSE. The shares decreased throughout the day, reaching an intraday low of 174.50 per share before closing. Around 49,901.79  crores are the company’s market capitalization. The e-retailer generated a combined net profit of 5.2 crores in Q2FY23, an increase of 330% from the quarter before. Operating revenue increased 39% to 1,230 crores from 885 crores in the same period of the previous fiscal. By September 30, 2022, Nykaa had 124 physical stores, including two new fashion stores, spread across 53 cities, with a total square footage of 1.2 lacs. Nykaa is an online retailer that was established in 2012 by Falguni Nayar. It offers fashion, wellness, and beauty products on its websites, mobile apps, and physical stores.

Follow Startup Story