Yudiz Appoints Bharat Thakkar As CFO; Picks Up 25% Stake In Trulot

SUMMARY

Yudiz Solutions has appointed Bharat Thakkar as CFO of the blockchain and IT development company, effective March 18

CFO Shah stepped down from her role due to commitments in her personal life, in January

The company also onboarded ABCM App’s founder and director Santosh Purabia to join as non-executive non independent director

Months after Yudiz Solutions’ chief financial officer Zarna Shah stepped down from her role, the blockchain and IT development company has named Bharat Thakkar to fill Shah’s shoes.

In an exchange filing, Yudiz said that the board, on the recommendation of the nomination and remuneration committee and audit committee has approved the appointment of Thakkar as the chief financial officer of the company.

With more than 16 years of experience as a chartered accountant, Thakkar’s expertise spans across areas, including accounting, taxation, audits and financial consultancy.

Until the new appointment, he was running his independent practice that focuses on financial reporting, compliance and strategic advisory for corporate clients.

The company’s stock plunged almost 5% to INR 35.20 per share, while it recovered some of its loss by 01:12 PM to trade 1.5% lower at INR 36.50 apiece on the NSE today.

It is to note that Yudiz has been witnessing a wave of leadership exits in the past few months, the latest being in January, when CFO Shah stepped down from her role due to commitments in her personal life.

Prior to that, in October last year, Yudiz’s chief supply chain officer (CSCO) Raveena Bohra resigned from her position, who was later succeeded by Prerana Joshi.

Besides the latest appointment, the company also roped in ABCM App’s founder and director Santosh Purabia as its non-executive non independent director.

To note, Yudiz acquired a 51.01% stake in ABCM App Pvt Ltd to set up a new subsidiary – Insightly Dataworks Pvt Ltd, in September last year.

Further, Yudiz board has now approved the acquisition of 25% stake in fleet management solutions provider Trulot Technologies Pvt Ltd for a cash consideration of INR 1 Lakh, divided into 1K equity shares having face value of INR 100 each, as per the filing.

The acquisition would help the NSE-listed company to strengthen, leverage and gain market access via Trulot’s network and existing business.

The deal is expected to be completed in 60 days of announcement.

On the financial front, Yudiz reported a standalone net profit of INR 5,000 for H1 FY25, against a profit of INR 1.34 Cr in the year-ago period. Operating revenue of the startup fell 23% to INR 11.15 Cr during the period under review from INR 15.87 Cr in H1 FY24.