Bhavish Aggarwal's brother Ankush Aggarwal returns to Ola Cabs' ride hailing biz

ANI Technologies, the parent company of Ola Cabs, has recently seen a significant shift in its leadership structure, with Ankush Aggarwal returning to the ride-hailing business.

Ankush, the brother of Ola's founder Bhavish Aggarwal, was formerly part of Ola Electric Mobility but is now appointed as the CEO of Ola Financial Services.

His comeback is part of a broader restructuring following the resignation of Hemant Bakshi, the previous CEO of the ride-hailing business.

Leadership and focus shifts 

With Ankush's return, there is a reshuffling in the senior management team, also known as the "CXO team," which includes newly positioned executives like Chief Financial Officer Kartik Gupta and Chief Business Officer Sidharth Shakdher.

Both Gupta and Shakdher joined Ola Cabs less than one and a half years ago. Ankush himself will be involved in multiple aspects of the business, mirroring his role at Ola Electric, where he was the Chief Business Officer. 

Bhavish Aggarwal takes the helm

In light of no new CEO appointment for the ride-hailing division, Bhavish Aggarwal has taken a more hands-on approach, focusing on daily operations and aiming to achieve absolute profitability for the company, according to media reports.

Strategic shifts and future prospects

Ola has exited all of its international markets — the UK, Australia, and New Zealand — which coincided with the layoff of about 200 employees as part of cost-reduction strategies. These moves are likely linked to the company's preparation for an initial public offering (IPO).

As competition heightens in key markets such as Bengaluru and Delhi from rivals like Uber, Swiggy-backed Rapido, and ONDC-backed Namma Yatri, Ola is focusing on enhancing profitability and accelerating growth across all its business verticals in India.

The spokesperson added, "Our India Mobility business turned profitable in FY23, and we aim to continue this momentum across all our business verticals."