Ola Electric sees two top-level exits ahead of planned IPO

Ola Electric

Two top executives of Ola Electric have resigned from the company, which comes ahead of its plans to go for an initial public offering in early 2024.

Slokarth Dash, the Head of Strategy and Planning, and Saurabh Sharda, the head of Growth and Corporate Affairs, have quit the company. Both executives are relied upon by Chief Executive Officer Bhavish Aggarwal, sources in the know told Moneycontrol on August 5.

Dash has been at Ola since 2015, first in the cabs business before leading the strategy and planning vertical at Ola Electric since June 2020. Sharda has been at Ola since late 2016, and at Ola Electric since April 2019.
Ola confirmed the development in a statement.

“Slokarth and Saurabh have delivered well for the company for over 7 years, and we wish them well in their future pursuits,” an Ola spokesperson said.
Additionally, sources have said that two more CXO-level members at the group level are also on their way out. However, Ola denied the same.

“This is a mischievous attempt to build a fake narrative. At Ola, we’ve built a world-class and highly experienced leadership team and hired more than 50 veterans just in the last year from Indian & global firms like Tesla, Apple, LG, among others. 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,” the Ola spokesperson said.

Moneycontrol had earlier reported that Ola Electric has roped in Kotak Mahindra Capital and Goldman Sachs for an initial public offering (IPO) in early 2024. At the time, sources said the planned IPO will be a combination of primary and secondary share offerings.