Nykaa CFO resigns, Lighthouse sells stake
Agarwal had joined Nykaa from Amazon in July 2020. The beauty e-retailer platform has not made an appointment to replace Agarwal, yet
Arvind Agarwal, the chief financial officer (CFO) of FSN E-Commerce Ventures Ltd-run Nykaa, resigned from his position with 25 November as his last working day in the role, “to pursue other opportunities in the digital economy & start-up space,” according to a filing with the exchanges.
Agarwal joined the role in July 2020. The e-retailer platform has not made an appointment to replace Agarwal, yet.
“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,” Nykaa’s founder and chief executive officer Falguni Nayar said on the exit.
Nykaa is not the only new economy business to see a CXO exit. Last week, food delivery platform Zomato’s co-founder Mohit Gupta stepped down in the third major exit of a senior executive in a leadership role this month, following Rahul Ganjoo, who was new initiatives head, and Siddharth Jhawar, former head of Intercity Legends service. This comes as the beauty e-retailer’s shares tumbled after its lock-in period ended early this month. Its stock ended at ₹175.20 on Tuesday, slightly higher than the day’s low, however, significantly lower than its listing price.
On Tuesday, Ontario Teachers’ Pension Plan (OTPP), one of the largest pension funds in Canada, picked up stake worth ₹62.79 crore in Nykaa buying 3.45 million shares from the consumer firm’s existing shareholder Lighthouse India, as part of the bulk deal disclosure on BSE.
Mid-market private equity firm Lighthouse Advisors Pvt. Ltd has cumulatively sold 18.45 million shares worth ₹335.72 crore at the price of ₹182 per share of Nykaa.
Besides OTPP and other mutual funds, Morgan Stanley Asia Singapore Pte also acquired 2.92 million shares worth ₹53.10 crore from Lighthouse India.
As on 12 November 2022, Lighthouse India held 58.14 million shares worth 2.04% stake in Nykaa through Lighthouse India Fund III Ltd.
The PE fund had invested around ₹100 crore to pick up 15 million shares, or around 3% stake, in the beauty retailer in 2018, providing exit to TVS Capital Funds.
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First Published:23 Nov 2022, 01:30 AM IST
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