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Ankush Aggarwal Returns to Ola Cabs Amid Company Restructuring

• ByStartupStory     |    May 14, 2024

In a strategic move amid restructuring at Ola Cabs, Ankush Aggarwal, the brother of founder Bhavish Aggarwal, has returned to the ride-hailing business after his stint with Ola Electric. Aggarwal, previously the Chief Business Officer at Ola Electric, will now assume a key role within Ola Cabs’ senior leadership team, referred to internally as the ‘CXO team.’

The recent development comes following the resignation of Hemant Bakshi, the company’s Chief Executive Officer, who stepped down just months after joining Ola Cabs from Hindustan Unilever in September 2023. Bakshi’s appointment was publicly announced by the company in January this year .

According to reports, Ankush Aggarwal is expected to take on diverse responsibilities within Ola Cabs, similar to his role at Ola Electric. Additionally, he is set to assume the position of Chief Executive Officer at Ola Financial Services .

With Ankush Aggarwal’s return, the leadership team at Ola Cabs, distinct from Ola Electric Mobility, will see a shift. The team includes executives such as Chief Financial Officer Kartik Gupta and Chief Business Officer Sidharth Shakdher, who have been with Ola Cabs for less than one and a half years .

In the wake of recent changes, founder Bhavish Aggarwal is reportedly focusing on driving the business towards profitability. His renewed involvement includes overseeing the daily operations of the ride-hailing business .

ANI Technologies, the parent company of Ola Cabs, reported a significant reduction in consolidated net losses for the fiscal year 2022-23. The operating revenue for the same period rose by 42% .

Ola Cabs, a major player in India’s ride-hailing market, recently announced the closure of its operations in the UK, New Zealand, and Australia to concentrate on the Indian market, aligning its strategies for an eventual public listing .

In summary, Ankush Aggarwal’s return and the broader restructuring at Ola Cabs highlight the company’s strategic realignment under founder Bhavish Aggarwal’s leadership, aiming for sustainable growth and profitability in the competitive ride-hailing industry.

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