Nykaa’s Chief Financial Officer Arvind Agarwal Resigns

Nykaa’s Chief Financial Officer Arvind Agarwal has resigned from the company to pursue other opportunities, the beauty ecommerce giant said on Tuesday (November 22).

Agarwal, who joined Nykaa in 2020 after stints with multiple corporates like Amazon, Vodafone India, among others, is set to leave the startup on November 25. 

Agarwal is now looking to pursue other personal growth opportunities in the digital economy and startup space, Nykaa said in an exchange filing.

“Arvind deserves kudos for the critical role he has played in Nykaa’s emergence as a listed and profitable startup,” said Nykaa founder and chairperson Falguni Nayar.

Nykaa said it is currently in the process of appointing a new CFO. It hasn’t announced any interim names so far.

With his resignation as the CFO, Agarwal will also cease to be a Key Managerial Personnel at the startup, Nykaa said.

The resignation comes at a time when shares of Nykaa are under pressure on the stock exchanges following the expiry of the lock-in period for its pre-IPO investors. The stock saw sell-offs by multiple investors following the lock-in expiry. 

After sliding over 7% last week, Nykaa shares plunged almost 9% in just two days this week.  TPG Capital, Mala Gopal Gaonkar, Lighthouse, Segantii India Mauritius sold shares worth crores in the last two weeks after the lock-in expiry on November 10.

While Nykaa’s 5:1 bonus share issue helped it prevent immediate sell-off as the ex-bonus shares date coincided with the lock-in expiry, it raised many questions on corporate governance.

Agarwal’s resignation comes at a time when Nykaa’s consumer tech peer Zomato has witnessed several of its top executives leave the company in the past few days. Zomato cofounder Mohit Gupta resigned last week. His resignation preceded that of Zomato’s head of new initiatives Rahul Ganjoo and its vice-president of global growth Siddharth Jhawar earlier this month.

Shares of Nykaa ended Tuesday’s session 4.5% lower at INR 175.20 on the BSE.

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