P Ganesh joins Nykaa from the TAFE Group, India's leading tractor manufacturer and marketer, with iconic brands such as Massey Ferguson and Eicher. Ganesh has previously held leadership and senior management positions in India and abroad, including with the Godrej Group, Glenmark Pharma, and Pidilite. Ganesh has a broad background in financial reporting, business finance, domestic and international taxation, investor relations, banking, mergers and acquisitions, and corporate law.

"We are pleased to welcome Ganesh to our leadership team and be part of Nykaa's growth story that will benefit from his rich financial experience. His knowledge about the Indian financial market and insights into International markets will be valuable in guiding Nykaa's journey as a leader in beauty and lifestyle omnichannel retail," said Falguni Nayar, Founder and CEO, Nykaa.

Nykaa is a lifestyle-focused consumer technology platform that was founded in 2012. Nykaa's website and mobile applications provide access to over 4,500 brands and 4.6 million product SKUs.

Nykaa reported a net profit of Rs 4.11 crore in Q2 FY23, a significant increase from Rs 1.17 crore in Q2 FY22. Revenue from operations increased 39.04% to Rs 1230.83 crore in the fiscal quarter ended 30 September 2022, from Rs 885.26 crore the previous year. Profit before tax increased to Rs 8.76 crore in Q2 FY23, up from Rs 1.37 crore in the same period last year.

Arvind Agarwal, the company's CFO, announced his resignation in November 2022.

Shares of Nykaa entered the bourses on 10 November 2021. The company issued 5 bonus equity shares for each share held (5:1) in November 2022.