Nykaa’s Chief Financial Officer Arvind Agarwal has stepped down and will leave the company by the end of this week, the fashion retailer said in a statement on Tuesday, adding that it is in the process of appointing a replacement.
Arvind joined Nykaa in July 2020, and in November last year saw the company through a successful IPO that propelled Founder and CEO Falguni Nayar to billionaire status.
Nykaa’s shares, however, have tumbled recently following the end of the mandatory lock-in period for pre-IPO investors on November 10 as well as a controversial bonus share issue.
On Tuesday, Nykaa’s shares ended down nearly 4.6% on BSE at Rs 175.20 apiece, on a day the benchmark index Sensex climbed 274 points to end at 61,418.96.
FSN E-Commerce Ventures Ltd, Nykaa’s parent company, said in a statement to the Securities and Exchange Board of India that Arvind had resigned to “pursue other opportunities in the digital economy and startup space.”
“Arvind deserves kudos for the critical role he has played in Nykaa’s emergence as a listed and profitable startup,” Falguni said in the statement.
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