Ankush Aggarwal, the brother of Ola Cabs founder Bhavish Aggarwal, has moved back to the ride-hailing business, as per a report by the Economic Times. Previously, Ankush was associated with Ola Electric Mobility.
A broader restructuring is happening at Ola since the exit of Ola Cabs CEO Hemant Bakshi and Ankush is a part of the senior leadership, or CXO team, per the report. Previously, Ankush was the chief business officer of Ola Electric. In his new role, along with dealing with the business, Ankush will also be the chief executive of Ola Financial Services.
As per the report, a spokesperson for Ola Cabs confirmed the appointment of Ankush as the CEO of Ola Financial Services. While Ola Cabs and Ola Financial Services are part of ANI Technologies, Ola Electric Mobility is a separate entity that was founded by Bhavish Aggarwal.
Read: The Cloud Wars: How Pronoun Politics Made Ola Ditch Microsoft Azure for Krutrim
The parent company of Ola Cabs, ANI Technologies Pvt. Ltd., agreed to buy a 100 per cent share in Avail Finance, a fintech business that offers loans and financial services to blue-collar workers, in March 2022. According to a Moneycontrol article, the deal was reportedly valued at $50 million, but the details of the deal were not disclosed.
Chief Financial Officer Katik Gupta and Chief Business Officer Sidharth Shakdher are the executives who are part of the CXO team, along with Ankush. The business is expected to be spearheaded by Bhaivsh Aggarwal after these changes.
In April of this year, Ola Cabs CEO Hemant Bakshi resigned from his post. This was only three months after the company made the announcement of Bakshi’s appointment. Bakshi began working for Ola Cabs in mid-September 2023, but the firm didn't make the announcement in public until January of this year, as per a report by the Economic Times. As of now, it's not clear who will take over his role.
When Bakshi left, it was said that Bhavish would take over day-to-day management again. As per the report, a source said, “While there is no new CEO at Ola Cabs, Bhavish is back fully and essentially running the business on a daily basis. The focus is to get to absolute profitability, and that’s where a lot more of Ola’s Krurtrim AI will be integrated.”
