Ola Finance Ropes former CBO of Ola electric Ankush Aggarwal as CEO
Ankush Aggarwal has been chosen as the chief executive officer of Ola Financial Services, a subsidiary of ANI Technologies, the parent company of ride-hailing firm Ola. This appointment follows the resignation of Hemant Bakshi, who previously held the position of CEO for the ride-hailing business. Bakshi played a crucial role in overseeing various important sectors including financial services, logistics, and e-commerce within the mobility business.
Ankush Aggarwal is set to join the senior management team at Ola Cabs. In a share swap agreement, Ankush Aggarwal, the sibling of Ola's founder Bhavish Aggarwal, successfully sold his startup Avail Finance to ANI Technologies for approximately $50 million in March 2022. Following the completion of the transaction, Ankush Aggarwal assumed the role of Chief Business Officer (CBO) at Ola Electric, a distinct company established by Bhavish Aggarwal.
Despite Ola's delay in appointing a new chief executive for their ride-hailing business, Bhavish Aggarwal will assume responsibility for the company's day-to-day operations.
In the fiscal year of 2023, Ola made a significant announcement regarding its achievement of EBITDA profitability. Throughout this period, the company experienced a remarkable 42% increase in revenue, reaching 
2,799 crore, compared to 1,970 crore in the previous fiscal year of 2022. Moreover, Ola successfully reduced its losses by almost 50%, amounting to 772 crore during FY23, in contrast to 1,522 crore in the preceding year.
2,799 crore, compared to 1,970 crore in the previous fiscal year of 2022. Moreover, Ola successfully reduced its losses by almost 50%, amounting to 772 crore during FY23, in contrast to 1,522 crore in the preceding year.
Ola Money, operated by Ola Financial Services, reported revenue of 85.5 crore with a loss of 54.6 crore, while Ola Fleet Technologies, the cab leasing firm, had revenue of 189.9 crore with a loss of 387.6 crore in FY23.
85.5 crore with a loss of 54.6 crore, while Ola Fleet Technologies, the cab leasing firm, had revenue of 189.9 crore with a loss of 387.6 crore in FY23.
Recently, Ola made an announcement regarding the withdrawal of its services from international markets like the UK, Australia, and New Zealand. This strategic decision is believed to be linked to the company's focus on preparing for an initial public offering. Media sources have indicated that Ola is actively getting ready for the IPO and has selected book running lead managers to facilitate the process.
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