Nykaa mentioned on Tuesday that it’s within the means of appointing a brand new leader monetary officer.
“Arvind Agarwal, CFO FSN E-Trade
(guardian corporate of Nykaa) will go away the corporate after last hours on November 25, 2022 to pursue different alternatives within the virtual financial system and startup area,” the corporate mentioned in a remark to the BSE.
Nykaa founder and chairman Falguni Nayar credited Agarwal for his important function in turning the corporate right into a registered and successful startup. “Whilst we remorseful about his loss, we’re conscious about his non-public desires and need him each luck,” she mentioned.
“It was once nice to be a part of a fantastic shuttle to Nikaa,” Agarwal mentioned. “All my wisdom and enjoy to this point has allowed me to benefit from quite a lot of alternatives for private expansion within the virtual financial system and within the start-up area.”
meals supply platform
Contemporary days have additionally observed top-level layoffs, with co-founder Mohit Gupta, head of latest tasks Rahul Ganju and head of intercity meals supply Siddharth Jawar all saying their departures.
Agarwal’s resignation got here only a month after the stocks fell underneath their factor worth.
Tech shares have observed a number of shares drop this yr, comparable to Zomato.
and Supply fall underneath their factor worth.
Nykaa has been some of the height performers because it virtually doubled on list day ultimate November.
Buyers had been promoting Nykaa stocks because of rising festival and skepticism in regards to the potentialities of era firms now not best in India however world wide.
Nykaa stocks fell 4.5% on Tuesday to near at Rs 175.20 at the BSE.
Previous this month, Nykaa reported a 344% year-on-year building up in web source of revenue for the September quarter to Rs 5.2 crore. Working income rose 39% yr on yr to Rs 1,230.8 crore.
Within the cosmetics and private care phase, Nykaa’s product sales grew 39% year-on-year to Rs 1,630 crore in the second one quarter, whilst the fad industry recorded a 43% year-on-year building up in GMV to Rs 599.1 crore.