Former Wipro and InMobi exec Manish Dugar to take over as Mphasis CFO

Manish Dugar is set to take over as the chief financial officer (CFO) of Bengaluru-based information technology (IT) services firm Mphasis from May 15.

Earlier, he was the CFO at IT services company Wipro, advertising technology firm InMobi and online doctor appointment booking platform Practo.

V Suryanarayanan will continue to hold the position till Dugar takes over and assist with the transition until he retires in October, the company said in a statement.

Till January, Dugar was the managing partner of Bengaluru-based venture capital and private equity fund Agnus Capital for about eight months. Before that, he was the CFO of Practo for three years till June.

"I would like to thank Suryanarayanan for his relentless support and leadership in setting new benchmarks in finance, strategy and governance. I am confident that Manish Dugar’s deep industry expertise and extensive global experience will help Mphasis," Nitin Rakesh, CEO of Mphasis, said.

Dugar has over 25 years of experience in the financial sector across industries including IT, business process outsourcing, diversified conglomerates as well as new-age digital and healthtech companies, Mphasis said.

According to Mphasis, Dugar has also led several mergers and acquisitions initiatives, and was actively engaged in fundraising with foreign institutional investors and banks. He is a qualified chartered accountant, cost and works accountant and company secretary, and holds a diploma in business finance from the Institute of Chartered Financial Analysts of India in Hyderabad. He has also completed an MBA in finance from IIM Calcutta.

Last month, Mphasis reported an industry-leading topline growth of 15.5% for the December quarter on a consolidated basis.

IT firms are in the midst of multiple headwinds due to lower customer spending in the financial and retail sectors. The Covid-19 pandemic has also created uncertainty with markets and company shares.

Last week, Bengaluru headquartered Mindtree appointed Senthil Kumar as its interim CFO.