Ola Names Hemant Bakshi As CEO; Bhavish Aggarwal Steps Down

ANI Technologies, the parent company of Ola, has appointed Hemant Bakshi, former executive at Unilever, as the new Chief Executive Officer (CEO) of Ola, according to media reports.

Bhavish Aggarwal will step down as part of the company's effort to streamline operations.

Prior to joining Ola, Bakshi was the executive Vice President (VP) of the marketplace and chairperson of Unilever Indonesia. He joined Ola and moved back to India about four months ago.

Meanwhile, Ola posted Rs. 2,800 crore revenue in the fiscal year 2022-23, while managing to cut its losses by almost 50 per cent.

ANI Technologies registered a 42 per cent growth in revenue to Rs 2,799 crore in FY23, compared to Rs. 1,970 crore in FY22, as per the audited financial results available on Ola's website.

The company cut down its losses by about 50 per cent to Rs. 772 crore in FY23 against Rs. 1,522 crore in FY22. Ola Money registered Rs. 85.5 crore revenue with a loss of Rs. 54.6 crore.

The cab leasing firm Ola Fleet Technologies' revenue was Rs. 189.9 crore with Rs. 387.6 crore loss in FY23.