Ather Energy’s CFO Deepak Jain exits; Sohil Parekh assumes role
- ByStartupStory | February 7, 2024
Ather Energy’s Chief Financial Officer Deepak Jain will be departing from the company after a four-year tenure, with Sohil Parekh, the senior finance controller, stepping in to assume the role.
The shuffle aims to provide Parekh with an opportunity to familiarize himself with the company’s operations before guiding it through its planned initial public offering (IPO) next year. This transition period will allow Parekh to acclimate to his new role.
Parekh, who joined Ather in September 2022 following over seven years at Claris Lifesciences, is set to take over as CFO in April 2024. Jain will remain onboard for an additional three months to facilitate a smooth transition process for his successor.
In December, Ather Energy secured Rs 140 crore in funding from its longstanding investor, Hero MotoCorp Ltd (HMCL), through a rights issue. HMCL aims to boost its ownership stake in Ather by an additional 3%, in addition to the 36.7% it currently holds.
Ather’s forthcoming IPO follows closely after its main competitor, Ola Electric’s IPO, which seeks to raise Rs 5,500 crore from the issuance of 95.2 million shares. “We’re closely monitoring market conditions and investor sentiment,” commented the Ather spokesperson regarding the IPO plans.
Regarding Ather’s financial performance, its loss for FY 21-22 widened to Rs 344.1 crore compared to Rs 233.3 crore in the previous year, primarily due to increased expenses. The company has yet to file its FY23 results.
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