Ola Cabs welcomes Ankush Aggarwal back to its ride-hailing business

Ola Cabs welcomes Ankush Aggarwal back to its ride-hailing business
Ola Cabs welcomes Ankush Aggarwal back to its ride-hailing business

Ola Cabs welcomes back Ankush Aggarwal as part of a larger change and reorganization at Ola following the departure of CEO Hemant Bakshi.

Ankush Aggarwal, the brother of Ola Cabs founder Bhavish Aggarwal, has returned to the ride-hailing industry, according to those with knowledge of the development. Before, he worked with Ola Electric Mobility. Following the departure of Chief Executive Hemant Bakshi, the ride-hailing company is undergoing a larger transition and restructuring. Ankush is a member of the senior leadership, or what is internally known as the “CXO team.” According to the people, Ankush will become the chief executive of Ola Financial Services and is anticipated to take on many business responsibilities, much like his position at the manufacturer of electric vehicles. He was Ola Electric’s chief business officer. His nomination to the position of CEO of Ola Financial Services was verified by an Ola Cabs representative.

Bhavish Aggarwal launched Ola Electric Mobility, a distinct business, while Ola Cabs and Ola Financial Services are divisions of ANI Technologies. Along with Ankush, whose loan firm Avail Finance was purchased by ANI Technologies in 2022, other executives on the CXO team include Sidharth Shakdher, the chief business officer, and Kartik Gupta, the chief finance officer. Gupta and Shakdher have both worked with Ola Cabs for a shorter period of time than 1.5 years. Following these adjustments, Bhavish Aggarwal is anticipated to take the lead in running the company and is rumored to be concentrating on making a profit.

“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,” a person with knowledge of the modifications stated. Bakshi, the former CEO, quit last month. He had left Hindustan Unilever to work for Ola Cabs in September 2023, but the firm didn’t disclose this until January of this year.” Although Ola Cabs does not now have a CEO, Bhavish is once again totally and practically in charge of the company’s daily operations. Another individual with knowledge of the company’s operations stated that the goal is to achieve absolute profitability, and there is a significant portion of Ola’s Krurtrim Al that will be integrated. Saurabh Chaudhuri has been hired by Godrej Consumer Products as the HR Lead for the Global Center of Excellence (CoE) on Talent, Rewards, and People Processes. As per a memo, Chaudhuri will be reporting to Vaibhav Ram, who has been appointed as the Global Head of HR at Godrej Consumer Products. “I am incredibly excited to share that I have joined Godrej Consumer Products Limited to lead the Global HR Center of Excellence on Talent, Rewards, and People Processes,” Chaudhuri wrote on LinkedIn. “Thrilled to be part of this highly respected conglomerate with such a rich heritage, coupled with a strong focus on building a future-ready organization across its footprints in South Asia, the Middle East, Africa, Southeast Asia, the United States, and Latin America,” he stated.

Chaudhuri has fourteen years of expertise in several HR-related fields. Chaudhuri was employed at Udaan as the HR Head for the Essentials, Discretionary, and B2C Business Categories before moving on to Godrej Consumer Products. He was employed by Aditya Birla Group in the past. Chaudhuri graduated from the Tata Institute of Social Sciences with an MA in labor relations and human resource management.

“Our focus remains on enhancing profitability and accelerating the growth of our businesses in India,” an Ola Mobility representative stated. In FY23, our India Mobility division generated a profit, and we want to maintain this trend throughout all of our business segments.” Competition and profitability The parent company of Ola Cabs, ANI Technologies, posted a Rs 1,082 crore loss for FY23, a little more than one-third less than the previous year. Sales increased by 58% to Rs 2,135 crore. Bakshi stated in January that the company’s FY23 EBITDA (profits before interest, taxes, depreciation, and amortization) was positive at Rs 250 crore. The registrar of corporations has not yet received the unlisted company’s FY24 statistics.

Prior to Bakshi’s resignation, the company had withdrawn from all of its overseas markets, including the UK, Australia, and New Zealand, in April. Approximately 200 staff had also been laid off as part of a cost-cutting reorganization. The change in the top deck occurs as Ola faces increased competition in important markets like Bengaluru and Delhi from rival Uber, Rapido, supported by Swiggy, and Namma Yatri, backed by ONDC.

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