Aggarwal is a member of the senior leadership team, which is internally referred to as the ‘CXO team’. Aggarwal is expected to take on several tasks within Ola Cabs, similar to his work at the electric vehicle maker. This action follows the resignation of the company’s CEO, Hemant Bakshi, within months of joining the startup.
In the midst of reorganization at Ola Cabs, founder Bhavish Aggarwal’s brother Ankush Aggarwal has returned to the ride-hailing firm after working for Ola Electric.
Ankush Aggarwal is a member of the senior leadership team, also known internally as the ‘CXO team’.
This move comes after the company’s CEO, Hemant Bakshi departed within months of joining the startup.
Bakshi handed up his resignation last month. Although he joined Ola Cabs from Hindustan Unilever in September 2023, the firm announced his appointment in January this year.
According to ET, Aggarwal will take on several roles within Ola Cabs, similar to his work at the electric vehicle maker. In addition, he is set to become CEO of Ola Financial Services.
He was Ola Electric’s Chief Business Officer.
According to the story, a spokeswoman for Ola Cabs acknowledged his hiring as CEO of Ola Financial Services.
It is important to highlight that Ola Cabs and Ola Financial Services are part of ANI Technologies, not Ola Electric Mobility, which was created by Bhavish Aggarwal.
Aside from Ankush Aggarwal, whose loan startup Avail Finance was bought by ANI Technologies in 2022, the CXO team includes leaders like chief financial officer Kartik Gupta and chief commercial officer Sidharth Shakdher. Gupta and Shakdher have been with Ola Cabs for less than one and a half years.
Following these changes, Bhavish Aggarwal is expected to lead the business and is claimed to be focused on making a net profit, according to the report.
“It’s essentially he (Bhavish Aggarwal) who is back looking at the daily numbers of the ride-hailing business, and the existing team at the company will work with him,” the source told ET.
Ola Cabs, which was founded in 2010, competes with Uber and BluSmart in the Indian ride-hailing sector.
Prior to Bakshi’s resignation, the business laid off staff in two batches during the last two years. It cut off 200 staff from Ola Cabs, Ola Electric, and Ola Financial Services in January of last year.
Ola Cabs recently stated that its India mobility business broke even segment-adjusted’ EBITDA of around INR 250 crore in FY23, compared to an EBITDA loss of INR 66 crore in the previous year. The income of its India mobility subsidiary increased 58% year on year to INR 2,135 crore in the fiscal year ending March 2023, the firm reported.
