Nykaa To Reappoint Pradeep Parameswaran and Seshashayee Sridhara As Independent Directors

Beauty ecommerce startup Nykaa has informed the stock exchanges that it passed a special resolution to reappoint Pradeep Parameswaran and Seshashayee Sridhara as a non-executive, independent director for a second consecutive term of three years from July 15, 2024 and July 26, 2024, respectively. 

Besides this, FSN E-Commerce Ventures Limited, the parent entity of Nykaa, also passed a special resolution to appoint Santosh Desai as a non-executive independent director for a term of five years effective from July 15, 2024. 

The exchange filing further revealed that the assent or dissent on the above passed resolution can be communicated by the members through e-voting between June 13, 2024 and July 12, 2024. The result of the outcome will be declared on or before July 15, 2024. 

Pramaeswaran who is the current global head of business development of Uber joined the board of Nykaa on July 15, 2021. He is also on the board of Nykaa E-retail Limited, one of the subsidiaries of FSN Ecommerce Ventures Limited. 

Sridharha joined Nykaa on July 26 and also holds the director position in Nykaa’s other subsidiaries – FSN Brand Marketing Private Limited, and FSN International Limited. 

Desai, whose Linkedin Profile states that he is currently the MD and CEO of Futurebrands India is also a director in D.B Corp Limited, Bidada Foods Pvt Ltd, Think9 Consumer Technologies Pvt Ltd, among others. 

Today’s notification comes almost two weeks after Nykaa announced the appointment of Desai as the independent director. Desai also served as the president of advertising agency McCann and brings with him over two decades of experience in the advertising industry.

Back then, commenting on the appointment, Nykaa founder and CEO Falguni Nayar said, “Santosh’s experience in understanding the interwoven relationship between culture and brands has helped build several iconic brands… We are confident that Santosh’s strategic guidance will help steer our vision to propel Nykaa’s brand equity and bolster our existing bouquet of brands for long-term global success.”

With Desai’s appointment, the ecommerce unicorn’s board comprises nine directors. Milind Sarwate, Anita Ramachandran, Seshashayee Sridhara, and Pradeep Prameshwaram are the other independent directors on the board.

The appointment and reappointment comes almost on the heels of the startup reporting a 1.2X jump in net profit year-on-year (YoY) to INR 9.07 Cr in Q4 FY24, while it plummeted by 48% on a quarter-on-quarter (QoQ) basis. Operating revenue jumped 28% YoY to INR 1,667.9 Cr but fell 6% sequentially.