Nykaa’s new CTO aims to embrace crypto, metaverse to boost user engagement

Nykaa’s new Chief Technology Officer Rajesh Uppalapati hopes to embrace external technologies like crypto and metaverse to enhance customer experience at his new company.

The former Amazon executive said that in the coming weeks, he will interact with Nykaa's stakeholders to develop more efficient and effective platforms for its customers.

"We will start to embrace crypto, metaverse and start to figure use cases to apply them," Uppalapati told analysts in a post-earnings investor call on November 1.

In 2021, consumers adopted crypto and metaverse rapidly, making them buzzwords in corporate India. A strategic foray into Metaverse by social media giant Meta (formerly Facebook) has caught India Inc's attention.

In a statement announcing Uppalapati's appointment last week, Nykaa said that Uppalapati's expertise will support the company's efforts to innovate at scale in meaningful and secure ways.

For the quarter ended September, India's largest e-commerce beauty and personal care brand reported strong earnings.

In the reported quarter, Nykaa's net profit grew 344 percent on year to Rs 5.2 crore, while its sales grew 39 percent to Rs 1,231 crore.

Shares of Nykaa ended 2.8 percent higher at Rs 1,185.40 on the National Stock Exchange.