According to media reports on Saturday, Ola Electric has witnessed two more top-level departures as it prepares for an initial public offering (IPO) in early 2024.
Slokarth Dash, the head of strategy and planning, and Saurabh Sharda, the head of expansion and corporate affairs, have both left the company, according to Money Control.
“Slokarth and Saurabh have delivered well for the company for over seven years, and we wish them well in their future pursuits,” Ola said in a statement.
However, the business denied that additional CXO-level employees would be leaving.
“India is the future tech hub, with top global talent eager to join new age companies like ours.” “Thanks to the efforts of our world-class team, Ola is the largest EV company in India,” said a company representative.
Ola Electric reported an operational loss of $136 million (approximately Rs 1,116 crore) and sales of $335 million (about Rs 2,750 crore), falling short of its publicly declared revenue target.
According to media reports quoting sources, the business sold over 150,000 electric scooters in fiscal year 23.
Ola Electric claimed to have achieved Rs 500 crore in revenue in the first two months of FY23 and was on course to reach $1 billion by the end of the year.
Meanwhile, according to an earlier TechCrunch story, top US asset management Vanguard has reduced its stake in ride-hailing giant Ola by more than half, bringing the company’s worth down to about $3.5 billion from $7.3 billion at the end of 2021.
