Nykaa, an Indian online fashion and beauty commerce platform, has appointed a new leadership team after five senior executives resigned last month. Rajesh Uppalapati and P Ganesh have been appointed as CTO and CFO, respectively. Other key appointments have been made across product and engineering, legal and regulatory, and business and revenue functions. Nykaa reported a 68% YoY fall in net profit to INR 9.2 crore ($1.2 million) for Q3 FY23. Its revenue from operations, however, increased by 33% to INR 1,462 crore ($194 million). Nykaa’s parent company FSN e-Commerce’s current share price is around INR 120 ($1.6) each, which has depreciated 13.3% MoM compared to the last month.
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.
It is worth noting that Nykaa had a highly successful IPO in November 2021, with its stock price soaring more than 80% on its first day of trading. However, since then, the company’s share price has experienced significant volatility, dropping more than 90% from its peak. The recent exodus of senior executives and the decline in net profit may have contributed to the company’s falling share price. It will be interesting to see how the new leadership team navigates these challenges and drives growth for the company in the coming months.