Hero MotoCorp-Backed Ather Energy’s CFO Deepak Jain Set To Exit; Sohil Parekh To Take Over

Bengaluru-based Ather Energy’s chief financial officer Deepak Jain is set to leave the EV startup after a four-year stint, while senior finance controller Sohil Parekh will replace him in the role.

The announcement was made by cofounder and CEO Tarun Mehta over an email directed to the employees, Moneycontrol reported, citing sources close to the matter. 

Ather did not respond to Inc42’s query for comments on the development immediately.

Mehta’s email read, “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.”

Adding comments on Jain’s involvement in the company’s operations, Mehta said that he was at the centre of two massive changes – COVID and its aftermath and the entire FAME 2 journey. 

Parekh has been working with the company since 2022. Prior to this, he served Claris Lifesciences in the role of assistant VP financial controller. In several financial roles, he has been associated with a number of other companies including Azure Knowledge and Sai InfoSystem.

On the other hand, Jain is an industry veteran who has also served a number of major global companies in roles such as VP finance, finance controller, etc. He has worked with the likes of Apple, First Advantage, Procter and Gamble, EY Global.

The resignation of Jain comes at a time when the company has been going through a phase of growth. Recently, the company secured an additional funding of $16.8 Mn from its existing investor Hero MotoCorp for an extra equity of 3%. 

Further, it also partnered with Nepal-based Vaidya Energy to export its flagship e-scooter model, Ather 450X to the country.