Amid Restructuring, Ankush Aggarwal Returns To Ola Cabs’ Ride Hailing Biz
In a significant move within the corporate structure of Ola Cabs, Ankush Aggarwal, the brother of founder Bhavish Aggarwal, has made a comeback to the ride-hailing business wing after spending some time at Ola Electric. This key return is part of a broader organizational reshuffling and comes on the heels of the recent resignation of Hemant Bakshi, the company’s CEO, who left the startup mere months after his appointment.
Ankush Aggarwal rejoins the senior leadership circle, taking a position within what’s internally known as the ‘CXO team’. His return is not just a simple placement but signals a strategic move, especially following Bakshi’s sudden departure last month. Bakshi, a former executive from Hindustan Unilever, had his appointment publicly announced by Ola Cabs in January of this year, despite joining around September 2023.
Adding to his portfolio, Ankush is expected to don multiple hats similar to his tenure at Ola Electric. Notably, he is set to become the chief executive at Ola Financial Services, marking a significant expansion of his responsibilities within the company. During his stint at Ola Electric, he held the position of chief business officer, showcasing his versatility and leadership across varied domains.
Confirmations from Ola Cabs spokespersons have solidified his new role as CEO of Ola Financial Services, further emphasizing the Aggarwal brothers’ integral role in steering the company’s future. Ola Cabs, Ola Financial Services, and the recently spotlighted Ola Electric Mobility, although operating under the broad umbrella of ANI Technologies, cater to distinct facets of the mobility and financial services sectors.
Significantly, Ankush Aggarwal’s venture into Ola’s ecosystem was marked by the acquisition of his lending startup, Avail Finance, by ANI Technologies in 2022, illustrating a seamless integration of entrepreneurial ventures within the corporate structure. The current CXO team, alongside Aggarwal, includes other notable executives such as Kartik Gupta, the chief financial officer, and Sidharth Shakdher, the chief business officer, further indicating a blend of fresh insights and strategic leadership at the helm.
With these strategic shifts, Bhavish Aggarwal is expected to lead from the front, focusing on profitability and operational efficiency. The firm’s resolve to navigate towards net profits under his guidance points towards an aggressive business stance amid competitive pressures from key players like Uber and BluSmart in India’s ride-hailing landscape.
The transitional period has also been reflected in the operational metrics, where ANI Technologies showcased a significant reduction in net losses alongside a promising uptick in revenue, a testament to strategic realignments and operational efficiencies being embedded within the corporate structure. Particularly, Ola Cabs’ India mobility business has shown commendable financial performance, marking a turnaround with profitable EBITDA figures, indicative of robust growth and operational resilience.
As Ola continues to evolve within the fast-paced and highly competitive ride-hailing and electric mobility markets, the reintegration of Ankush Aggarwal into the senior leadership team highlights a strategic pivot designed to harness internal expertise and entrepreneurial spirit, driving towards a sustainable and profitable future.
