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

Two of Ola Electric's top executives have resigned in advance of the company's planned initial public offering (IPO) in the first quarter of 2024.

The company has lost both its head of strategy and planning, Slokarth Dash, and its head of growth and corporate affairs, Saurabh Sharda. Moneypoise said on August 5 that credible sources said CEO Bhavish Aggarwal relies heavily on both executives.

Since joining Ola in 2015, Dash has worked in both the taxicab and electric vehicle divisions. He currently serves as head of the electric vehicle division at Ola Electric. Sharda joined Ola in late 2016 and has been working in the Ola Electric department since April 2019.

Ola released a statement confirming the news.

A representative from Ola said, "Slokarth and Saurabh have delivered well for the company for over 7 years, and we wish them well in their future pursuits."

Furthermore, two additional CXO-level group members are reportedly leaving, as well, according to sources. Ola, however, disputed this.

To construct a false story out of this is to act irresponsibly. Ola has hired over 50 industry experts from leading Indian and international companies in the past year, including Tesla, Apple, LG, and many more. Technology will soon be centred in India, and the world's best minds are flocking there to work for cutting-edge businesses like ours. The Ola spokeswoman proudly proclaimed, "Our world-class team has made Ola the largest EV company in India."

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Earlier this year, Moneyporse stated that Kotak Mahindra Capital and Goldman Sachs would be joining Ola Electric in preparing for an IPO in the first half of 2024. According to the information available at the time, the anticipated IPO will involve both a primary and secondary share offering.