Ankush Aggarwal, brother of Ola’s founder Bhavish Aggarwal, returns to Ola Cabs to lead Ola Financial Services

Key Points:

1. Ankush Aggarwal, brother of Ola’s founder Bhavish Aggarwal, returns to Ola Cabs to lead Ola Financial Services.
2. His return follows the resignation of Hemant Bakshi, the former CEO of Ola’s ride-hailing division.
3. Ankush’s comeback triggers a reshuffle in the senior management team, including appointments of new executives like CFO Kartik Gupta and CBO Sidharth Shakdher.
4. Bhavish Aggarwal takes a more hands-on role in the absence of a new CEO for the ride-hailing division.
5. Ola’s strategic shifts include exiting international markets and downsizing workforce as part of cost-reduction measures.
6. The company aims to bolster profitability and accelerate growth amidst heightened competition in key markets like Bengaluru and Delhi.

In a notable shift in leadership dynamics, ANI Technologies, the parent company of Ola Cabs, has witnessed the return of Ankush Aggarwal to the ride-hailing business. Formerly associated with Ola Electric Mobility, Ankush now assumes the role of CEO at Ola Financial Services, marking a significant restructuring within the organization.

This move comes in the wake of the departure of Hemant Bakshi, the previous CEO of Ola’s ride-hailing division, prompting a realignment in the company’s senior management team, often referred to as the “CXO team.” The reshuffle includes the appointment of new executives like Chief Financial Officer Kartik Gupta and Chief Business Officer Sidharth Shakdher, both relatively recent additions to the Ola family.

Ankush Aggarwal, known for his prior role as Chief Business Officer at Ola Electric, will bring his expertise to bear on multiple facets of the business, echoing his responsibilities in the electric mobility segment. Meanwhile, Bhavish Aggarwal, the founder of Ola, has taken on a more hands-on approach, assuming greater involvement in the day-to-day operations of the company amidst the absence of a new CEO appointment for the ride-hailing division.

Strategically, Ola has embarked on a series of significant shifts, including its exit from international markets such as the UK, Australia, and New Zealand. This strategic withdrawal was accompanied by the downsizing of approximately 200 employees, part of the company’s cost-reduction initiatives possibly in preparation for an impending initial public offering (IPO).

Amidst intensifying competition from rivals like Uber, Swiggy-backed Rapido, and Namma Yatri supported by ONDC, Ola is directing its efforts towards bolstering profitability and accelerating growth across all its business verticals in India. A company spokesperson highlighted, “Our India Mobility business turned profitable in FY23, and we aim to continue this momentum across all our business verticals.”

The return of Ankush Aggarwal and the strategic maneuvers undertaken by Ola signal a pivotal juncture for the company as it navigates the competitive landscape and charts a course towards sustained growth and profitability in the dynamic ride-hailing sector of India.