Nykaa CFO Arvind Agarwal Steps Down

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Nykaa CFO Arvind Agarwal Steps Down
23 Nov 2022
6 min read

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News Synopsis

Arvind Agarwal, the chief financial officer (CFO) of FSN E-Commerce Ventures, which is the parent company of the fashion and cosmetics platform Nykaa, resigned, according to a regulatory filing.

Arvind Agarwal, the Chief Financial Officer of FSN E-Commerce Ventures Limited (the "Company"), will be leaving the company at the end of business on November 25, 2022, to pursue other opportunities in the start-up and digital economy sectors, Nykaa stated in a BSE filing.

Agarwal stated, '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 & start-up space. I wish Nykaa the very best for the growth path ahead and will always be a part of the Nykaa Family," 

Nykaa shares worth Rs 1,000 crore are sold by TPG Capital in a block deal. The Company is in the process of appointing a new CFO, and once that appointment is made, it will inform the stock exchanges.

On November 10, which also happened to be the day the one-year lock-in for pre-IPO investors expired, Nykaa shares were scheduled to go ex-bonus. On November 10, 2021, shares were listed on the stock exchanges.

Lighthouse India sells 1.8 billion Nykaa shares in a block deal. The bonus share news was not favourably received by Dalal Street. Retail investors were advised by analysts not to purchase shares in the near future since they would be at a discount before the lock-in expires.

Falguni Nayar launched the Indian e-commerce business Nykaa in 2012, and it has its headquarters in Mumbai. Products for beauty, wellness, and fashion are offered on its websites, mobile apps, and in more than 100 retail stores. It became the first unicorn startup in India to be led by a woman in 2020.

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