Lava MD Sunil Raina, CFO Rajesh Sethi To Exit By December As Co-Founder Hari Om Rai Returns

Lava International is heading into another leadership overhaul. Managing director Sunil Raina and chief financial officer Rajesh Sethi are set to leave the smartphone maker by December. Co-founder Hari Om Rai is returning to a top leadership role.

Both executives serving notice

MoneyControl has reported that Raina and Sethi have both put in their papers and are currently working out their notice periods. They will stay on until December, which is expected to allow a handover. Raina is said to be leaving to pursue business ventures outside Lava.

Raina's long run at Lava

Raina joined Lava in 2010 as vice-president and chief marketing officer and went on to take up several senior roles. He stepped into the top job in November 2023 as interim managing director, after Hari Om Rai was arrested by the Enforcement Directorate in a money-laundering case linked to Vivo. He was later formally elevated to managing director in June 2025.

Sethi joined Lava as group CFO in May 2024. He came from Iraq-based Ster Group and has earlier worked with Bharti Airtel, Telenor Group and Essar Group.

Another senior exit

The departures follow the exit of Sanjeev Agarwal, who had served Lava as chief manufacturing officer and later as executive director and chief manufacturing officer.

Focus on sub-Rs. 20,000 phones

The leadership change comes as Lava looks to deepen its presence in smartphones priced below Rs. 20,000. The company has earlier said its smartphone business grew 60-70 percent this year, even as the overall market shrank.

Fundraise and stake talks

Lava is also reportedly exploring a raise of about Rs. 500-600 crore to fund expansion and possibly restructure part of its debt. Earlier reports have suggested that promoters of electronics manufacturers Dixon Technologies and Amber Enterprises are in talks to acquire stakes in Lava in their personal capacities.