Shillong, August 6: Ola Electric, in preparation for its upcoming initial public offering (IPO) in early 2024, has experienced two more high-level departures, as reported by the media on Saturday.
According to Money Control, Slokarth Dash, the head of strategy and planning, and Saurabh Sharda, the head of growth and corporate affairs, have both moved on from the company.
In response to the departures, Ola released a statement expressing gratitude for the significant contributions of Slokarth and Saurabh during their seven years with the company and extended best wishes for their future endeavors.
However, the company refuted claims of more CXO-level members leaving, asserting that India remains a promising hub for technology, attracting top global talent to innovative companies like theirs. The company emphasized its status as the largest electric vehicle (EV) company in India, crediting its achievements to the efforts of its world-class team.
Despite its progress, Ola Electric has reported an operating loss of $136 million (approximately Rs 1,116 crore) and revenue of $335 million (roughly Rs 2,750 crore), falling short of its publicly disclosed revenue target.
Nonetheless, media reports citing sources indicate that the company achieved sales of over 1,50,000 electric scooters for FY23. Additionally, Ola Electric reported surpassing Rs 500 crore in revenue during the first two months of FY23, aiming to achieve a revenue milestone of $1 billion by the end of the year.
In related news, leading US asset manager Vanguard has significantly reduced its holding in Ola, slashing the ride-hailing giant’s valuation to approximately $3.5 billion from $7.3 billion at the end of 2021, according to an earlier report by TechCrunch.