Key Executives Resign from Ola Electric Ahead of IPO Plans: Reports
- ByStartupStory | August 6, 2023
Slokarth Dash and Saurabh Sharda, two prominent executives at Ola Electric, have tendered their resignations, as reported by Moneycontrol. Dash, who held the position of Head of Strategy and Planning, and Sharda, the Head of Growth and Corporate Affairs, have departed from the company. Their roles were significant within the organization, and they were considered key figures by CEO Bhavish Aggarwal. This development comes ahead of Ola Electric’s plans to initiate an initial public offering (IPO) in early 2024.
Dash’s association with Ola dates back to 2015, initially in the cab business, before he took the helm of the strategy and planning division at Ola Electric in June 2020. Sharda, on the other hand, has been part of the company since late 2016 and joined Ola Electric in April 2019.
An Ola spokesperson confirmed the development: “Slokarth and Saurabh have delivered well for the company for over seven years, and we wish them well in their future pursuits.”
The reports indicated that two additional high-ranking executives at the group level are also leaving. However, Ola refuted these claims, denouncing them as an attempt to fabricate a false narrative.
“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 and global firms like Tesla, Apple, and 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,” the Ola spokesperson said.
The reports indicated that two additional high-ranking executives at the group level are also leaving. However, Ola refuted these claims, denouncing them as an attempt to fabricate a false narrative. The spokesperson asserted that Ola boasts a highly skilled and seasoned leadership team, having brought on board more than 50 seasoned professionals in the last year from esteemed global and Indian companies, including Tesla, Apple, and LG. The spokesperson emphasized India’s burgeoning status as a technology hub and the eagerness of top-tier global talent to join innovative firms like Ola.
In July, Reuters reported that Ola Electric recorded an operating loss of $136 million against a revenue of $335 million in the fiscal year 2022-23. Despite this, the EV manufacturer, which achieved income exceeding Rs 500 crore in the first two months of the fiscal year 2022-23, expressed confidence in surpassing a $1 billion run rate by the year’s end. The company set ambitious internal targets, anticipating a fourfold increase in revenue to $1.5 billion in the fiscal year 2023-24.
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