2 top-level executives exit IPO-bound Ola Electric

New Delhi, Aug 5

Ola Electric has seen two more top-level exits, as it plans for an initial public offering (IPO) in early 2024, the media reported on Saturday.

According to a report in Money Control, Slokarth Dash who is head of strategy and planning, and Saurabh Sharda, head of growth and corporate affairs, have moved on.

Ola said in a statement that "Slokarth and Saurabh have delivered well for the company for over 7 years, and we wish them well in their future pursuits".

The company, however, denied that more CXO-level members are set to move on.

"India is the future hub for tech and top global talent is eagerly joining new age companies like ours. Ola is the largest EV company in India thanks to the efforts of our world-class team," according to the company spokesperson.

Ola Electric has registered an operating loss of $136 million (roughly Rs 1,116 crore) and revenue of $335 million (roughly Rs 2,750 crore), missing its revenue goal disclosed publicly.

The company reported sales of over 1,50,000 electric scooters for FY23, media reports said, citing sources.

In the first two months of FY23, Ola Electric claimed to have surpassed Rs 500 crore in revenue and was on track to surpass $1 billion by year's end.

Meanwhile, leading US asset manager Vanguard has further slashed its holding in ride-hailing major Ola by more than half, which takes Bhavish Aggarwal-run company’s valuation down to nearly $3.5 billion from $7.3 billion at the end of 2021, according to an earlier TechCrunch report.