6 senior executives at Nykaa set to make over Rs 850 crore

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Mumbai: Six senior executives at Nykaa stand to make a total of more than ₹850 crore or $115 million through their shareholding and vested options as the company’s initial public offering (IPO) opens on 28 October.

While Nykaa started out as a multi-brand beauty products e-tailer, it forayed into fashion three years ago, with plans to further expand in categories such as wellness, tech accessories, mom and baby and jewelry. It has an inventory-led model for beauty and cosmetics, and a marketplace model for fashion.

Reena Chhabra, the chief executive officer of the company’s private label division FSN Brands, stands to make ₹250 crore with 2.1 million shares and 0.12 million employee stock options (ESOPs). Chhabra has been associated with FSN Brands since May 2016. The total remuneration paid to her in FY21 was ₹3.06 crore, according to the draft red herring prospectus (DRHP) filed by the company.

Nihir Parikh, chief executive officer Nykaa, Man Business, one of the arms of Nykaa E-Retail, holds more than 2 million shares and 0.12 million Esops worth ₹245 crore. He joined the firm in 2015 and drew a salary of ₹2.83 crore in FY21.

Sanjay Suri, the chief technology officer of Nykaa E-Retail, has 1.8 million shares and 0.15 million Esops, together worth ₹220 crore. Suri, who joined the firm in 2016, was paid ₹2.39 crore in FY21.

Manoj Jaiswal, the chief supply chain officer, Nykaa E-Retail, holds shares and options worth ₹63 crore, while Arvind Agarwal, the chief financial officer of the firm, has shares and options worth ₹45 crore. Gopal Asthana, the chief business officer of Nykaa Fashion, has shares and options worth ₹29 crore.

Nykaa, operated by FSN E-Commerce Ventures Pvt. Ltd, aims to list at a little more than a $7 billion valuation later this week. This is a significant jump from its last private trade, which the company struck at a valuation of about ₹9,300 crore ($1.25 billion) in November 2020.


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