IPO-Bound Lenskart’s CFO Mukti Hariharan Resigns, Set to Take on Finance Role at Coca-Cola India

Bengaluru/Delhi: Lenskart’s Chief Financial Officer (CFO), Mukti Hariharan, has resigned and is expected to soon join Coca-Cola India as its finance head, according to sources familiar with the matter.

Lenskart, which is preparing for an initial public offering (IPO) within the next 18 to 24 months, now needs to find a new CFO as it moves closer to going public.

Hariharan joined Lenskart in April 2023 after working at Hindustan Unilever Ltd, where she led the finance department for the homecare division. She has about 20 years of experience in finance, having held senior roles at companies like Credit Suisse.

If Hariharan moves to Coca-Cola India, she will replace the current CFO, Harsh Bhutani, who will be joining Hindustan Coca-Cola Beverages Pvt. Ltd (HCCB), the company’s biggest bottling partner, in a similar position starting from 1 October.

Both Hariharan and Coca-Cola have declined to comment on this transition. Lenskart has also not responded to requests for confirmation.

India is Coca-Cola’s fifth-largest market globally, a key region where the company re-established its presence in the 1990s. It sells popular brands like Thums-Up, Sprite, Fanta, Limca, and its flagship drink, Coca-Cola (Coke).

Lenskart’s Growth and IPO Plans

Lenskart, an eyewear marketplace, has raised close to $1 billion in the last 18 months and was valued at around $5 billion. The company’s revenue more than doubled in 2022-23, reaching ₹3,788 crore, compared to ₹1,502 crore the previous year. Its losses also decreased to ₹64 crore from ₹102 crore in the same period.

Coca-Cola’s Expanding Operations in India

Hariharan’s move to Coca-Cola India comes at a time when the company is making several high-level appointments. Recently, Greishma Singh was appointed as Vice President of Marketing, taking over from Arnab Roy, who became the Global Category President for Coca-Cola Trademark. Singh was previously VP of Customer and Commercial Leadership for Coca-Cola’s India and Southwest Asia division.

Bhutani’s new role at HCCB is seen as crucial, especially as the company prepares for its own IPO. Coca-Cola has shown strong interest in expanding its operations in India and is investing heavily in the country. This includes plans to open new plants in Telangana and Maharashtra and a ₹3,000 crore investment in Gujarat for a juice and aerated drinks facility.

In 2023, Coca-Cola’s business in developing markets grew by 2%, with India and Brazil leading the growth, which helped offset losses caused by the suspension of its operations in Russia. Coca-Cola also saw market share gains in India in the non-aerated, ready-to-drink beverage category.