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FSN E-Commerce Ventures aka Nykaa on Tuesday announced the resignation of Arvind Agarwal from his Chief Financial Officer (CFO) post to pursue other opportunities in the digital economy and start-up space. Agarwal will exit Nykaa from the closing business hours on November 25, 2022. The start of this week has been on a bearish note for Nykaa shares. The stock has nosedived by nearly 2% in two days of trading sessions.

On his resignation, Agarwal said, "It has been great to be a part of the incredible Nykaa journey thus far. All my learning & experiences to date, have set me up for pursuing different personal growth opportunities in the digital economy & start-up space. I wish Nykaa the very best for the growth path ahead and will always be a part of the Nykaa Family."

The founder and chairperson Falguni Nayar said, "Arvind deserves kudos for the critical role he has played in Nykaa’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."

Additionally, Agarwal will also cease to be a Key Managerial Personnel (KMP) with effect from November 25.

Nykaa said that the company is in the process of appointing a new CFO and shall inform the stock exchanges once the new CFO joins.

On November 22, Nykaa shares closed at 175.20 apiece down by 4.55% on BSE. The shares closed near the intraday low of 174.50 apiece that was recorded earlier in the day. The company's market cap is around 49,901.79 crore.

In Q2FY23, the e-retailer garnered a consolidated net profit of 5.2 crore --- rising by 330% as compared to 1 crore in the year-ago quarter. Revenue from operations jumped by 39% to 1,230 crore from 885 crore in the same quarter of the previous fiscal.

As of September 30, 2022, Nykaa increased its physical store count to 124 stores, including two new Fashion stores, with a total area of 1.2 Lacs sq. ft. across 53 cities.

Founded by Falguni Nayar in 2012, Nykaa is an e-commerce player selling products such as beauty, wellness, and fashion across websites, mobile apps, and offline stores.

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