Agarwal will exit the company on November 25. He will also stop working as the key managerial personnel (KMP) from the same date
Arvind Agarwal, the chief financial officer (CFO) of Nykaa, announced his resignation from the company after spending two years with the fashion and lifestyle start-up.
His exit cames within hours of private equity firm Lighthouse India's annoucement that it will sell stake worth Rs 320 crore in FSN E-Commerce Ventures Ltd, the owner of beauty e-retailer Nykaa, via a block deal, though the two incidents do not seem to be connected.
In his resignation, Agarwal wrote, “It has been great to be a part of the incredible Nykaa journey thus far. All my learning & experiences to date, have set me up for pursuing different personal growth opportunities in the digital economy and start-up space. I wish Nykaa the very best for the growth path ahead and will always be a part of the Nykaa family.”
Agarwal joined Nykaa in July 2020 from having worked with Amazon, Tata Teleservices and You Telecom. He was amongst the key managerial personnel (KMP) who handled Nykaa's initial public offer last year.
He will exit the company on November 25. Nykaa is currently in the process of appointing a new CFO and will inform the stock exchanges once it onboarded this individual.
Falguni Nayar, founder and chairperson of Nykaa said, "Arvind deserves kudos for the critical role he has played in Nykaa’s emergence as a listed and profitable start-up. While we do regret losing him, we are conscious of his personal dreams, and wish him all the luck.”On Tuesday, Nykaa witnessed a 4.66 per cent drop in its share price taking it to Rs 175.09. Its share prices have been laggard for the past two days.
Founded in 2012 by Falguni Nayar, Nykaa achieved its unicorn status in 2020 after bagging a Rs 100 crore investment from Stedview Capital. In the second quarter of FY23, the company had a net profit of Rs 5.2 crore. It witnessed a 330 per cent increase compared to Rs 1 crore in the year-ago quarter. The company also posted a 39 per cent jump in revenue from operations in the same quarter.