IPO-bound Ola Electric appoints ex-StanChart MD Topsy Mathew as head of corporate finance

Ola Electric has appointed Topsy Mathew as the head of corporate finance and treasury to play a "big role" in its initial public offering next year, according to a source familiar with the matter.

The role was vacant for over a year, reported Moneycontrol, which was the first to break the news. Mathew will oversee the company's finance operations, and report to Arun Kumar GR, its chief financial officer, the report added.

Prior to Ola Electric, Mathew was the managing director and regional head of mergers and acquisitions for the South Asia region at Standard Chartered. He has also worked with Credit Suisse, PCCW, and Boston Consulting Group.

In January 2021, he set up Golden Mean Capital, an alternative asset management company based in Mumbai.

Ola Electric declined to comment on the story.

Moneycontrol said that Amit Anchal, the company's chief of group strategy and corporate finance, has been promoted as a board member. YS Kim will lead sales, D2C (direct-to-consumer), and Ola's charging network. Vinay Bhopatkar, who was leading sales, quit in September 2022.

The reshuffles come on the heels of Ola Electric getting ready for its IPO in 2024. The company has begun discussions with Goldman Sachs, Kotak, Citi, and Axis Bank to help underwrite its IPO, according to a source in investment banking, YourStory had earlier reported.

Ola Electric aims to raise $10 billion in the IPO, and will likely file its draft red herring prospectus by the next quarter. The company's CEO, Bhavish Aggarwal, had first hinted about the public outing at YourStory's TechSparks 2022 event.