Two senior Ola Electric officials have resigned from their positions as the company’s head of strategy & planning and head of partnerships & corporate affairs, according to persons with knowledge of the situation.
At Ola Electric, the company managed by Bhavish Agarwal and now the most valued and largest maker of electric two-wheelers in India, Slokarth Dash, head of strategy, and Saurabh Sharda, head of partnerships & corporate affairs, are two of the older workers.
Each of them has worked for the Ola Group for over eight years, initially in the taxi industry before assuming important positions at Ola Electric when the firm was founded.
Two other top executives are reportedly leaving, according to several persons familiar with the situation. According to these insiders, the executives are in departure negotiations with the firm and are expected to leave in a month or two. The executives declined to comment, and an Ola representative said they were staying with the business.
Ola Electric’s quick ascension to the top of the Indian market for electric two-wheelers has been marred by significant levels of attrition, particularly at the top leadership levels, as a result of a culture that prioritises speed and squeezing schedules to achieve almost unheard-of and unparalleled goals.
The firm is now in the process of submitting its IPO documents in preparation for a potential early-2019 public offering. According to two people with knowledge of the situation, it has selected Goldman Sachs and Kotak Mahindra Capital to oversee a prospective IPO in the early 2024 timeframe.
“This is a mischievous attempt to build a fake narrative. At Ola, we’ve built a world-class and highly experienced leadership team and hired more than 50 veterans just in the last year from Indian & global firms like Tesla, Apple, LG, among others. India is the future hub for tech and top global talent is eagerly joining new age companies like ours. Ola is the largest EV company in India thanks to the efforts of our world class team. Slokarth and Saurabh have delivered well for the company for 7+ years and we wish them well in their future pursuits.”, an Ola spokesperson said.
