P Ganesh Is The New CFO, KMP At Nykaa

• ByStartupStory     |    January 24, 2023

Nykaa, an online retailer of fashion, stated on Monday that P Ganesh had been hired as its Chief Financial Officer in order to develop and expand its financial operations and important long-term business plans. Ganesh will begin working for Nykaa on February 3rd. He is currently the CFO of the TAFE Group.

Ganesh took over for Arvind Agarwal, who left his position as CFO at Nykaa in November of last year.

​​On the CFO appointment, Falguni Nayar, Founder, and CEO, Nykaa said, “We are pleased to welcome Ganesh to our leadership team and be part of Nykaa’s growth story that will benefit from his rich financial experience. His knowledge about the Indian financial market and insights into International markets will be valuable in guiding Nykaa’s journey as a leader in beauty and lifestyle omnichannel retail.”

Meanwhile, Ganesh said, “I’m excited to join Team Nykaa and become a part of the remarkable Nykaa growth journey as it expands its presence further by entering new markets, products and geographies. I look forward to leveraging my expertise and contribute to what I believe is an exciting phase in the Nykaa journey as it continues to grow and scale its businesses.

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Ganesh joins Nykaa from the TAFE Group, a major tractor producer and marketer in India that boasts illustrious names like Massey Ferguson and Eicher. He has worked with the Godrej Group, Glenmark Pharma, and Pidilite, and has held senior management and leadership positions both in India and abroad. 

He has a wealth of experience in investor relations, banking, mergers & acquisitions, corporate law, business finance, domestic and international taxation, and financial reporting. 

Ganesh has over 27 years of diversified industry experience in domestic and international markets and is a certified Chartered Accountant, Cost and Management Accountant, and Company Secretary.

The price of Nykaa shares has fallen precipitously for the last eight days. On Monday, Nykaa shares decreased by 1.96% to close at 124.75 per share on the BSE. Nykaa shares hit a fresh record low earlier in the day of 120.75 per share.

Nykaa has not yet released their FY23 third-quarter results. However, Nykaa reported a multi-fold increase in its consolidated net profit in Q2 of the current fiscal year 2022–23, at 5 crore, as compared to 1 crore in the same period last year. In Q2 FY23, the combined Gross Merchandise Value (GMV) increased by 45% year over year (YoY) to $2,345.7 crore.

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