Ola Appoints Ankush Aggarwal as CEO of Ola Financial Services


Ola Appoints Ankush Aggarwal as CEO of Ola Financial Services
Ankush Aggarwal, the brother of Ola founder Bhavish Aggarwal, has stepped back into the ride-hailing arena, taking on the role of CEO at Ola Financial Services, as reported by media outlets. This move follows the departure of Hemant Bakshi, who served as CEO of Ola's mobility business and oversaw crucial sectors like financial services, logistics, and e-commerce.
Ankush Aggarwal's return to Ola comes after his stint at Ola Electric, where he held the position of Chief Business Officer. Notably, in 2022, he sold his startup Avail Finance to Ola's parent company for around $50 million. His new appointment places him within Ola's senior leadership team, reflecting the company's strategic reshuffle.
Bhavish Aggarwal recently communicated to Ola's workforce about a restructuring initiative aimed at bolstering profitability and positioning the company for future growth. This endeavor is anticipated to impact approximately 10% of the company's employees, reflecting the dynamic nature of the ride-hailing industry.
Moreover, Ola announced its decision to withdraw from international markets, including the UK, Australia, and New Zealand, citing heightened competition. Instead, the company will concentrate its efforts on the Indian market, recognizing significant expansion prospects domestically.
Ola's strategic maneuvers underline a broader recalibration within the ride-hailing sector, where companies are adapting to evolving market conditions and intensifying competition. As Ankush Aggarwal assumes leadership at Ola Financial Services, his appointment signals a strategic shift aligned with the company's vision and growth trajectory amidst industry upheavals.