Ankush Aggarwal Appointed CEO of Ola Financial Services Amid Leadership Changes

Ankush Aggarwal - CEO, Financia Services, OLA
Preeti Bali / 8:38 am / May 15, 2024

ANI Technologies, the parent company of ride-hailing giant Ola, has named Ankush Aggarwal as the new CEO of Ola Financial Services. This appointment follows the resignation of Hemant Bakshi, who previously oversaw the ride-hailing business along with key sectors like financial services, logistics, and e-commerce.


Leadership Transitions and Strategic Moves

Ankush Aggarwal will join the senior leadership team at Ola Cabs. His appointment follows his previous role in March 2022 when he sold his startup, Avail Finance, to ANI Technologies in a share swap deal valued at approximately $50 million. Post-acquisition, he transitioned to Ola Electric, another venture by Bhavish Aggarwal, serving as the Chief Business Officer.


Bhavish Aggarwal to Oversee Daily Operations

Although Ola has yet to announce a new CEO for the ride-hailing division, Bhavish Aggarwal will temporarily manage the day-to-day operations. Entrackr has contacted Ola for further comments on these leadership changes.


Ola’s Financial Performance and Strategic Adjustments

Earlier in the year, Ola reported achieving EBITDA profitability in FY23, with revenues rising by 42% to Rs 2,799 crore from Rs 1,970 crore in FY22. The company also significantly reduced its losses to Rs 772 crore, down from Rs 1,522 crore the previous year.


Subsidiaries and Financial Highlights

Ola Financial Services, through its Ola Money division, posted revenues of Rs 85.5 crore but faced a loss of Rs 54.6 crore. Meanwhile, Ola Fleet Technologies, the company’s cab leasing arm, generated Rs 189.9 crore in revenue but incurred a loss of Rs 387.6 crore during FY23.


International Market Withdrawal and IPO Plans

Last month, Ola decided to withdraw its services from international markets such as the UK, Australia, and New Zealand. This move is likely a strategic shift to focus on preparing for an initial public offering (IPO). Reports indicate that Ola is finalizing book-running lead managers as part of its preparations to go public.


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