Nykaa Sues Former Executive Gopal Asthana for Breach of Confidentiality
Nykaa alleges that Asthana breached confidentiality agreements by recruiting former Nykaa employees to join Tata Cliq,
In the first quarter of FY 2024-25, Nykaa reported a 25% increase in gross merchandise value.
Nykaa has filed a lawsuit against Gopal Asthana, its former Chief Business Officer, who is now working with Tata Cliq.
Nykaa alleges that Asthana breached confidentiality agreements by recruiting former Nykaa employees to join Tata Cliq, leading to several employees switching jobs.
The lawsuit demands ₹19 crore as compensation for employee stock options used by Asthana and an additional ₹5 crore in damages.
The Bombay High Court has issued a temporary order preventing Asthana from recruiting Nykaa staff for Tata Cliq.
Company Performance Updates:
Nykaa: In the first quarter of FY 2024-25, Nykaa reported a 25% increase in gross merchandise value, reaching ₹3,321 crore.
Beauty sales grew by 28%, and overall revenue rose 23% to ₹1,746 crore. The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) were ₹96 crore.
Tata Cliq: For FY 2023, Tata Cliq's revenue was ₹78.5 crore, as reported in Tata Sons’ annual report.
