FSN E-Commerce Ventures Ltd (NYKAA) announced the appointment of Rajesh Uppalapati as their new Chief Technology Officer (CTO) to strengthen Nykaa’s position as a best-in-class consumer technology platform.
An accomplished technology leader with over two decades of experience building world-class products, platforms, and services for large-scale organizations as well as start-ups; Rajesh joins Nykaa after a successful stint at Intuit, as Vice President of Product Engineering.
“Rajesh is entering Nykaa with decades of experience in delivering world-class products and platforms. This comes at an exciting time in our business where we are extending our offerings across multiple business verticals and platforms. We continue to prioritize elevating consumer experience, product discovery, and hyper-personalization. I look forward to the role Rajesh will play in accelerating our tech-enabled innovations and furthering our growth momentum powered by disruptive technology,” said Falguni Nayar, Founder, and CEO, Nykaa.
Nykaa has carved a niche for itself by creating a seamless, omnichannel experience backed by the latest and robust technological capabilities and this new, strategic appointment in its executive team reflects the company's focus on tech for the future.
As Nykaa continues to push the boundaries of meaningful and secure technology-led consumer engagement, Rajesh’s expertise in this area is poised to support the company's vision to innovate at scale.
“I am thrilled to join Nykaa to help accelerate the company's effort towards building platforms offering superior security, accessibility and personalization that engage with their millions-strong consumer base for the long term. I look forward to leveraging my knowledge of making platforms and products more efficient and embracing the most relevant external technology trends to create a more immersive shopping experience for Nykaa’s shoppers,” commented Rajesh Uppalapati, CTO, Nykaa.
WoodenStreet, a prominent home furniture and decor brand in India, has exhibited significant growth, boasting approximately a 50 percent increase in margins compared to the previous year. Founded in 2015 by Lokendra Ranawat, Dinesh Pratap Singh, Virendra Ranawat, and Vikas Baheti, the Rajasthan-based startup recently announced remarkable growth for FY22-23.
The company achieved a revenue of approximately Rs 200 crore for FY22-23 and has set an ambitious target of Rs 500 crore for FY23-24, signaling its determination to further expand its operations.
WoodenStreet has been maintaining a consistent annual growth rate of 60-65 percent in India since its inception. Notably, the company's margins surged by 50 percent compared to the previous fiscal year, and it has managed to maintain a positive EBIDTA of Rs 8 crore, highlighting its operational efficiency.
In an era dominated by digital platforms, WoodenStreet has successfully balanced its online and offline presence. The company has opened more than 45 new stores in the last 12 months.
WoodenStreet has strategically expanded its physical presence over the years, with over 90 Experience Centers throughout India and warehouses and R&D Units covering an extensive area of over 20 lakhs sq ft.
Lokendra Ranawat, CEO of WoodenStreet, stated, "As we set our goals for FY23-24, we're excited to introduce innovations to consolidate our market position further. Our commitment to investing in new stores remains unchanged, and we plan to open 300 stores in the next 24 months. Our growth story in FY22-23 is more than just an economic achievement. It's a validation of our continuous efforts to innovate, grow, and, most importantly, to serve our customers better each day."
To diversify and enhance the customer experience, WoodenStreet is introducing two new sub-verticals this year, namely Earthy Threads and Lightstreet. Lightstreet aims to revolutionize home illumination by offering functional and aesthetically pleasing designs. Earthy Threads, on the other hand, is venturing into the realm of soft furnishings, combining traditional artistry with contemporary sensibilities.
As WoodenStreet embarks on another fiscal year, it is evident that the brand is not merely pursuing numerical growth but is on a mission to redefine India's furniture and home decor landscape.
Founded in 2015, the brand presently operates over 90 experience stores across India and maintains a network of more than 350 delivery hubs, offering a vast selection of over 30,000 home furniture, decor, and home furnishing products.
Copyright © 2009 - 2024 Franchise India Holdings Ltd