Beauty etailer Nykaa has announced that its CFO Arvind Agarwal will leave the company on November 25. Agarwal will pursue other opportunities in digital and start-up space, as per a regulatory filing.
Meanwhile, shares of FSN E-Commerce Ventures, which owns Nykaa, fell as much as 5 percent as pre-IPO investors continue to exit the stock after the expiry of lock-ins.
Shares often fall after lock-ins expire, as investor selling puts downward pressure on shares. The beauty and cosmetic products startup got itself listed last November and the mandatory lock-in period for pre-IPO investors came to an end on November 10.
Various reports said that private equity player Lighthouse India would sell shares worth Rs 335 crore in FSN E-Commerce Ventures through a block deal on Tuesday.
On Friday, private equity firm TPG Growth offloaded the company’s shares worth Rs 1,000 crore. These shares were acquired by various entities, including Societe Generale, HSBC Indian Equity Mother Fund and Goldman Sachs (Singapore) Pte, among others.
Nikhil Kamath , co-founder true beacon and zerodha, feels Nykaa is a good business, but valuations do not seem favourable.
“Across markets, investors are increasingly focusing on profitability and their multi-ples. Nykaa continues to be a great business run by an able management, the point at which equilibrium will be reached between value investors and speculators might still be some time away. The valuations seem to be on the higher side.” Nikhil Kamath , co-founder true beacon and zerodha.
