Nykaa makes senior-level appointments to 'drive next phase of growth'

Nykaa Fashion

Nykaa's parent company FSN E-Commerce Ventures Ltd, which saw some top-level exits in recent weeks, has appointed a string of senior executives who will be joining the fashion startup's leadership team of over 50 members.

Rajesh Uppalapati has been appointed as the chief technology officer, while P Ganesh has been named the chief financial officer (CFO).

Uppalapati was previously VP, product engineering, with Intuit and spent around 20 years with Amazon before that.

Ganesh has served as CFO in various companies including TAFE Group, Pidilite Industries, Godrej Group, Glenmark Pharmaceuticals and has over 27 years of experience in financial reporting, business finance, taxation, investor relations, banking, M&A, and corporate law, the company said.

In a regulatory filing on April 24, the fashion company said the leaders were carefully selected for their maturity, industry expertise and passion for innovation and growth.

“We are excited to welcome each of these new leaders in key roles that drive the company's important businesses and functions. With a common entrepreneurial ethos and mindset, this leadership team is well poised
for success as the Nykaa ecosystem expands in scope and scale," founder and CEO Falguni Nayar said.

The company has also made appointments across its technology, legal, audit & risk, consumer, and marketing teams.

The technology leadership team has also been joined by Abhishek Awasthi, Eswar Perla, Dhruv Mathur, and Amit Kulshrestha, who bring over 60 years of collective experience from organisations such as Walmart, Amazon, Magicpin, and LBB.

Sujeet Jain has been appointed the chief legal & regulatory officer and will oversee the company’s legal, company secretarial, compliance, and regulatory functions, the company said.

TV Venkataraman has joined the Internal Audit & Risk Management team, bringing over 25 years of experience from Ashok Leyland, Flipkart, & Aditya Birla Group.

Vishal Gupta, a veteran with over 27 years of experience at Unilever, has been appointed as the head of the beauty consumer business and will also lead the eB2B distribution business, Superstore By Nykaa.

Sudhakar Y Mhaskar has been appointed as the Chief R&D and Quality Officer and will be responsible for innovation in Nykaa’s consumer business. Sudhansh Kumar, Priya Bellubbi, and Suchita Salwan have joined the marketing leadership, bringing over 40 years of experience from companies such as Amazon, Myntra, Livspace, Hotstar, and LBB.

Recently, Nykaa witnessed a slew of high-level exits which included Vikas Gupta (CEO of Nykaa SuperStore), Gopal Asthana (Chief Business Officer of Nykaa Fashion), Manoj Gandhi (Chief Commercial Operations Officer), Shuchi Pandya (Business Head), and Lalit Pruthi (Finance Head).

Nykaa's market capitalisation has declined over 35 percent in the past six months and over 20 percent this year to date.

At 10.45 am, the scrip was trading 0.50 percent down on the National stock exchange at Rs 120, while the benchmark Nifty traded up by 0.081 percent at 17,638.30 points.

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