ather: Ather CFO Deepak Jain steps down, Sohil Parekh named successor

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Electric vehicle maker Ather Energy‘s chief financial officer (CFO) Deepak Jain is set to exit the firm, with senior finance controller Sohil Parekh set to take over the position.

The change was announced by chief executive Tarun Mehta in an internal communication to employees. Jain worked at Ather for over four years, where joined after a stint at background checking software firm First Advantage. He has previously worked in finance roles with the likes of Apple and Procter & Gamble, according to his LinkedIn profile.

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“He (Jain) has been instrumental in our company’s growth during this time, navigating us through financial triumphs and tribulations… Deepak was at the centre of two massive changes that came our way, Covid and its aftermath, and the entire FAME 2 journey,” Mehta said in an email to employees. News portal Moneycontrol was the first to report on this development.

Parekh, who replaces Jain, has been with Ather for over a year and joined from pharmaceutical firm Claris Lifesciences, according to his LinkedIn profile.

“Deepak and I have been planning this for the last year and we’re taking a bet on our internal talent again. In the coming weeks, Deepak will be working closely with Sohil to ensure a smooth transition,” Mehta added in the communication. He did not clarify where Jain was moving on to.

A spokesperson for Ather confirmed the change but did not elaborate.

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In January, Ather revealed a new line of larger ‘family’ scooters called the Rizta, which the firm said will focus on comfort and heavy daily usage. The current, long standing line of 450 series of scooters are mostly focused on performance.The firm saw its loss surge more than 2.5 times in FY23 to hit Rs 864.5 crore. Operating revenue grew 4.3 times to reach Rs 1,784 crore in the same period, while total expenses more-than-tripled to Rs 2,670.6 crore.

Last September, Ather raised Rs 900 crore from existing shareholders Hero MotoCorp and global investment firm GIC through a rights issue. The firm said that it planned to use the funds for new product launches and expansion of its charging infrastructure and retail network.

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