The chief financial officer of omnichannel fashion and cosmetics retailer Nykaa, Arvind Agarwal, has left the company to explore other technology-related opportunities. On Tuesday, Nykaa said that the company was in the process of hiring a new CFO.
The chief financial officer of omnichannel fashion and cosmetics retailer Nykaa, Arvind Agarwal, has left the company to explore other technology-related opportunities.
On Tuesday, Nykaa said that the company was in the process of hiring a new CFO.
The company announced in a filing to the BSE that Arvind Agarwal, the chief financial officer of FSN E-Commerce Ventures Ltd (Nykaa’s parent entity), would be leaving the organization as of the end of business on November 25, 2022, in order to pursue other opportunities in the startup and digital economy sectors.
Falguni Nayar, the founder and chairman of Nykaa, acknowledged Agarwal’s vital contribution to the company’s development into a publicly traded and successful startup. While we regret losing him, she continued, “we are aware of his personal goals and wish him luck.”
It has been wonderful to participate in the amazing Nykaa journey thus far, Agarwal added. “All of my education and life experiences to date have prepared me for exploring many chances for personal development in the startup and digital economy spaces.”
Zomato, a food delivery service, recently announced the exits of its founders Mohit Gupta, head of new ventures Rahul Ganjoo, and its head of intercity food delivery Siddharth Jhawar.
Agarwal’s resignation occurs just a month after the share price of the company fell below its issue price.
This year, the equity prices of many tech companies, including Zomato, Paytm, and Delhivery, have fallen below their initial public offering prices.
This year, the share prices of many tech businesses, including Zomato, Paytm, and Delhivery, have fallen below their initial public offering pricing.
The best-performing one was Nykaa, which had nearly doubled on listing day in November of the previous year.
Investors have been dumping Nykaa shares due to increased competition and uncertainty about the future of tech companies globally, not just in India.
Tuesday’s BSE closing price for Nykaa shares was Rs 175.20, a 4.5% decline.
Earlier this month, Nykaa announced a 344% increase in net profit over the same period last year, coming in at Rs 5.2 crore. To Rs 1,230.8 crore, operating revenue increased 39% year over year.
In the second quarter, Nykaa’s Gross Merchandise Volume (GMV) increased 43% YoY to Rs 599.1 crore in the fashion business and 39% YoY to Rs 1,630 crore in the beauty and personal care segment.
