Nykaa's stocks had surged by 99 per cent when the leading e-commerce platform had made its market debut last year. Founder Falguni Nayar, who started the venture after turning 50, also emerged as the richest self-made woman in India. Although the stock had plunged 25 per cent from its peak by October 2022, a 344 per cent surge in profits for the July-September quarter restored investor confidence, but couldn't prevent the exit of Nykaa's chief financial officer (CFO) Arvind Agrawal.
Looking for more digital opportunities
Agrawal will finally leave his role on November 25, as he looks for other opportunities in the digital ecosystem and among startups. The executive who joind Nykaa as CFO in 2020, also told Money Control that he will remain a part of the Nykaa family. Founder Falguni Nayar also praised his role as being critical behind Nykaa's success.
Exit coincides with end of lock in
The decision by Agrawal to exit has come around the same time as the sell off triggered after 67 per cent of its shares were released after the end of a lock in period. High net worth investors along with venture capitalists have also offloaded their stake in the company.
As Agrawal exited while a major investor Lighthouse India also sold 1.8 crore of its Nykaa shares, the e-commerce firm's stocks were trading in the red on Tuesday.
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