Nykaa CFO Arvind Agarwal resigns, leaving at the end of the week

Nykaa’s chief financial officer, Arvind Agarwal, has resigned and will leave the company at the end of this week, the fashion retailer said in a statement on Tuesday, adding that it is in the process of naming a replacement.

Arvind joined Nykaa in July 2020, and in November of last year, the company completed a successful IPO that propelled founder and CEO Falguni Nayar to billionaire status.

Nykaa’s shares, however, have recently tumbled following the end of the mandatory lockup period for investors prior to the IPO on November 10, as well as a controversial free share issue.

On Tuesday, Nykaa’s shares closed down nearly 4.6% due to BSE at Rs 175.20 apiece, on a day when the benchmark Sensex index rose 274 points to close 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 congratulations for the pivotal role he has played in Nykaa’s emergence as a profitable, publicly traded start-up company,” Falguni said in the statement.

I loved this story” contenteditable=”false” data-new-ui=”true” data-explore-now-btn-text=”undefined” data-group-icon=”https://images.yourstory.com/assets /images/alsoReadGroupIcon.png” data-headline=”1300 people loved this story”>