Ather Energy CFO Deepak Jain to leave, Sohil Parekh named successor

The development comes two months after Hero MotoCorp, which is the lead investor in Ather, said it will buy an additional stake for up to Rs 140 crore in the company

Electric vehicle maker Ather Energy's Chief Financial Officer Deepak Jain will be leaving the company after a four-year stint. Sohil Parekh, who is the senior finance controller, will succeed him in the role, said an internal communication. These changes come at a time when Ather is gearing up for a public listing next year, and months after it raised funds from existing investors Hero MotoCorp and GIC through a rights issue.

Ather co-founder Tarun Mehta announced these changes in an email to employees. "Deepak and I have been planning this for a while and after an extensive search, both externally and internally, we’re taking a bet on our internal talent again. I am thrilled to announce that Sohil Parekh will be taking the reins as our new chief financial officer, effective April 1, 2024. In the coming weeks, Deepak will be working closely with Sohil to ensure a smooth transition,” he wrote.

“Deepak has been instrumental in our company's growth during this time, navigating us with sharp wit and even sharper strategy. He was at the centre of two massive changes that came our way - Covid and its aftermath, and the entire FAME 2 journey - and we wish him the best,” Mehta added in his email.

Ather Energy, one of the first electric two-wheeler startups in India, is preparing for its initial public offering (IPO) in the next 12 months, close on the heels of rival Ola Electric, which recently filed its Draft Red Herring Prospectus with the market regulator.

This also comes two months after Hero MotoCorp, which is the lead investor in Ather, said it will buy an additional stake for up to Rs 140 crore in the electric two-wheeler company. With that, Hero's stake in Ather Energy will increase to 39.7 percent from 36.6 percent. In September 2023, Ather raised Rs 900 crore from its existing investors Hero MotoCorp and GIC, through a rights issue.

The fundraising is an extension of the Series E round of $128 million which was announced in May of 2022 and led by National Investment and Infrastructure Fund Ltd's (NIIFL) Strategic Opportunities Fund (SOF) and Hero MotoCorp along with additional investors in May this year.

Ather Energy is the third-largest player in the battery-run two-wheeler segment, behind Ola Electric and TVS Motors. The company reported an increase in January 2024 sales of 9,243 units, with an 11.32 percent market share.   Launched in 2013 by IIT Madras graduates Tarun Mehta and Swapnil Jain, Ather has sold over 1.9 lakh electric scooters to date.

It will soon launch a new family scooter, named Ather Rizta. It is banking on the family scooter to drive up sales volumes ahead of the IPO.