In a significant development, Ola Electric, the prominent electric vehicle (EV) manufacturer, has witnessed a wave of top-level departures as it gears up for its anticipated $1 billion IPO in 2024. The company’s head of strategy and planning, Slokarth Dash, and head of growth and corporate affairs, Saurabh Sharda, have both resigned from their positions.
The news was confirmed by an Ola spokesperson, who expressed appreciation for Dash and Sharda’s contributions over their seven-year tenure with the company and wished them success in their future endeavors. However, this is not the only exit, as two other senior executives are also reportedly leaving. Ola Electric, in response, has refuted this claim, dismissing it as an attempt to create a misleading narrative.
Addressing these reports, the Ola spokesperson emphasized the company’s commitment to building a world-class leadership team, which has been bolstered by the addition of over 50 seasoned professionals from renowned global firms over the past year. This reaffirms India’s position as a burgeoning tech hub, attracting top talent from around the world.
Slokarth Dash and Saurabh Sharda played integral roles within Ola Electric and were closely associated with founder and CEO Bhavish Aggarwal. Dash initially joined Ola in 2015 as a program manager for leasing operations and strategy, later advancing to his role as head of strategy and planning at Ola Electric in 2020. Sharda, on the other hand, began his journey with Ola as an associate director in 2016 and quickly ascended to his current position within the EV manufacturer’s core team in 2019.
These departures come at a critical juncture for Ola Electric, as the company readies itself for a high-profile $1 billion IPO scheduled for the upcoming year. Despite its leading position in the two-wheeler EV sector in terms of sales, the company has faced various challenges, including incidents involving fires in its vehicles and reductions in incentives under the FAME-II scheme announced by the Indian government.
Moreover, recent reports indicated that Ola Electric fell short of its revenue target for the financial year 2022-23 (FY23). The company recorded revenue of approximately INR 2,750 crore during the year, accompanied by an operating loss of nearly INR 1,116 crore. As Ola Electric continues to navigate these complexities, its leadership changes raise questions about the impact on the company’s path to IPO and its future growth trajectory.
