Industry Veteran P Ganesh Is The New CFO, KMP At Nykaa

Beauty ecommerce platform Nykaa on Monday (January 23) announced the appointment of P Ganesh as the new Chief Financial Officer (CFO) of the company. Ganesh will take charge of the position on February 3. 

The appointment was made after the company’s board approved the proposal at a meeting held on Monday, Nykaa said in a regulatory filing. Besides, Ganesh has also been made one of the key managerial personnel (KMP) of the startup. 

In a statement, the company said that Ganesh’s appointment will strengthen and boost Nykaa’s financial operations and its long term business strategies. Ganesh joins the beauty ecommerce platform from tractor manufacturer TAFE Group, where he served as the CFO. 

“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,” said Nykaa’s founder and chief executive officer Falguni Nayar.=

“I’m excited to join 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 contributing to what I believe is an exciting phase in the Nykaa journey as it continues to grow and scale its businesses,” Ganesh said.

With an experience of 27 years, Ganesh is a qualified chartered accountant, cost and management accountant, and company secretary. With experience spanning across financial reporting and business finance, he has previously held executive roles at companies such as Godrej Group, Glenmark Pharma, and Pidilite.

Ganesh succeeds Arvind Agarwal who resigned from Nykaa as the CFO in November to join fintech player PayU. 

The appointment comes at a time when the shares of the beauty ecommerce platform have been sinking to record lows. The company’s stock hit another low on Monday at INR 120.75. 

The stock has fallen more than 40% since November 11, a day after the issuance of bonus shares by the startup. Nykaa shares closed 1.96% lower on the BSE at INR 124.75 on Monday.