Nykaa appoints new CTO, CFO and other key positions

Online fashion and beauty commerce platform Nykaa has appointed a new leadership team, as per the company’s disclosure in stock exchange filings.

These appointments include Rajesh Uppalapati (CTO), who worked at Amazon for 2o years, and P Ganesh (CFO). Ganesh had stints at TAFE Group, Pidilite Industries, and Godrej Group, among others.

Abhishek Awasthi, Eswar Perla, Dhruv Mathur, and Amit Kulshrestha have taken key positions in product and engineering whereas Sujeet Jain and TV Venkataraman joined as legal & regulatory officer and internal audit & risk management respectively.

Vishal Gupta, Sudhakar Y Mhaskar, Shailendra Singh, Sudhansh Kumar, Priya Bellubbi and Suchita Salwan (LBB) have been given important roles across business & revenue, marketing, and growth functions.

These appointments come after the company experienced an exodus at the top level. Five senior executives from the Falguni Nayar-led company resigned last month. Their departure coincided with the company’s stock price plunging.

Top brass who left the firm included chief commercial operations officer Manoj Gandhi, chief business officer Gopal Asthana, and chief executive officer of wholesale business Vikas Gupta.

Suchi Pandya, vice president of Nykaa’s fashion division business, and Lalit Pruthi, vice president of the fashion unit have also moved on from the company.

One of the profitable unicorns in the consumer internet space, Nykaa reported a 68% year-on-year fall in its net profit to Rs 9.2 crore for the third quarter of FY23 as compared to Rs 29 crore a year ago. Meanwhile, its revenue from operations jumped 33% to Rs 1,462 crore from Rs 1098 crore in the same period.

Nyka’s parent FSN e-Commerce’s current share price stands at around Rs 120 each which has depreciated 13.3% M-o-M when compared to the last month. For context, Nykaa’s 52-week high price stood at Rs 311.58 and its share price is down by over 90% since its debut in the public market in November 2021.

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