Five Nykaa Executives Quit; Firm Calls It 'Voluntary And Involuntary Exits'

Five senior executives of Nykaa, including SuperStore CEO, chief business officer and chief commercial officer, have resigned from the company, according to two people aware of the development.

Those who have resigned include Nykaa SuperStore CEO Vikas Gupta, Nykaa Fashion chief business officer Gopal Asthana, chief commercial operations officer Manoj Gandhi, business head Shuchi Pandya and finance head Lalit Pruthi.

While the reason for the resignation of the four executives could not be ascertained, Pruthi has now joined edtech firm UNIVO as chief financial officer. Pruthi worked with Nykaa for about a year.

When contacted, Nykaa termed it as "voluntary and involuntary exits".

"Voluntary and involuntary exits are expected in a fast-paced, growth-focused, consumer tech organisation with over 3,000 on-roll employees, like Nykaa," the company said in a statement. It further said that over the years, Nykaa has acted as an incubator to bring together and support some of the most promising talents India has to offer.

"We see some of these mid-level exits as a part of the standard annual appraisal and transition process, wherein, people exit due to performance or to pursue other opportunities. Nykaa values the contributions of all its current and former employees and stays connected through a strong employee alumni network," the statement said. Executives who have quit Nykaa had a short stint at the company in the range of 1 to 3.5 years.

Pandya joined Nykaa Fashion in January 2021 following the acquisition of her online jewellery firm Pipa.Bella. She had set a target to cross Rs 100 crore business at Pipa.Bella in two years at the time she joined Nykaa.

Among all the executives, Asthana has worked for the longest period of 3 years and 5 months at Nykaa.