Nykaa's CFO Arvind Agarwal steps down

FSN E-Commerce Ventures Ltd, the owner of beauty e-retailer Nykaa, on November 22 announced its chief financial officer (CFO) Arvind Agarwal has resigned.

Agarwal will leave the company and step down from his role on November 25, Nykaa informed the stock exchanges, adding that he would "pursue other opportunities in the digital economy and start-up space".

The company is in the process of appointing a new CFO, the regulatory filing added.

Agarwal's exit comes over two years after he had joined Nykaa. He was brought onboard as the company's CFO in July 2020.

"I wish Nykaa the very best for the growth path ahead and will always be a part of the Nykaa family," Agarwal said, while commenting on his decision to resign.

"It has been great to be a part of the incredible Nykaa journey thus far. All my learning and experiences to date, have set me up for pursuing different personal growth opportunities in the digital economy and start-up space," he added.

Nykaa founder and chairperson Falguni Nayar credited Agarwal for the "critical role" he has played in the company's emergence as a listed and profitable start-up. "While we do regret losing him, we are conscious of his personal dreams, and wish him all the luck," she said.

Agarwal has over two decades of experience, and before joining Nykaa, he was the FP&A Leader & Business Controller at Amazon India, from August 2017 to June 2020. Prior to that, he was associated with Vodafone India for over five years. Earlier, the industry veteran had also worked with Tata Teleservices, YOU Telecom and Adani Port.

According to Nykaa, Agarwal held 1, 20,000 employee stock options as on the date of draft red herring prospectus for the initial public offering last year. In financial year 2021, he was paid a total remuneration of Rs 19.58 million, it added.

Agarwal's resignation from Nykaa comes on the heels of the company's lock-in period ending on November 10, allowing promoters and investors to liquidate the pre-IPO securities held by them.

Almost 67 percent of Nykaa's shareholding was released from lock-in with the end of the restricted period. High net worth individuals like Narotam S Sekhsaria and Mala Gaonkar and PE/VC funds like Lighthouse India have sold part of their holdings in the company since the expiry of the lock-in period.

On November 11, TPG Growth had also sold 1,08,43,050 shares at an average price of Rs 186.4 apiece, taking the total transaction value to Rs 202 crore.