FSN E-Commerce Ventures Ltd, the proprietor of magnificence e-retailer Nykaa, on November 22 introduced its chief monetary officer (CFO) Arvind Agarwal has resigned.
Agarwal will go away the corporate and step down from his function on November 25, Nykaa knowledgeable the inventory exchanges, including that he would “pursue different alternatives within the digital economic system and start-up house”.
The corporate is within the strategy of appointing a brand new CFO, the regulatory submitting added.
Agarwal’s exit comes over two years after he had joined Nykaa. He was introduced onboard as the corporate’s CFO in July 2020.
“I want Nykaa the easiest for the expansion path forward and can at all times be part of the Nykaa household,” Agarwal mentioned, whereas commenting on his determination to resign.
“It has been nice to be part of the unimaginable Nykaa journey up to now. All my studying and experiences to this point, have set me up for pursuing completely different private progress alternatives within the digital economic system and start-up house,” he added.
Nykaa founder and chairperson Falguni Nayar credited Agarwal for the “essential function” he has performed within the firm’s emergence as a listed and worthwhile start-up. “Whereas we do remorse dropping him, we’re aware of his private goals, and need him all of the luck,” she mentioned.
Agarwal has over 20 years of expertise, and earlier than becoming a member of Nykaa, he was the FP&A Chief & Enterprise Controller at Amazon India, from August 2017 to June 2020. Previous to that, he was related to Vodafone India for over 5 years. Earlier, the business veteran had additionally labored with Tata Teleservices, YOU Telecom and Adani Port.
In keeping with Nykaa, Agarwal held 1, 20,000 worker inventory choices as on the date of draft crimson herring prospectus for the preliminary public providing final yr. In monetary yr 2021, he was paid a complete remuneration of Rs 19.58 million, it added.
Agarwal’s resignation from Nykaa comes on the heels of the corporate’s lock-in interval ending on November 10, permitting promoters and traders to liquidate the pre-IPO securities held by them.
Nearly 67 % of Nykaa’s shareholding was launched from lock-in with the tip of the restricted interval. Excessive web price people like Narotam S Sekhsaria and Mala Gaonkar and PE/VC funds like Lighthouse India have bought a part of their holdings within the firm because the expiry of the lock-in interval.
On November 11, TPG Progress had additionally bought 1,08,43,050 shares at a median value of Rs 186.4 apiece, taking the entire transaction worth to Rs 202 crore.