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Updated January 25th, 2024 at 21:38 IST

Ola ropes in Unilever veteran Hemant Bakshi as CEO

Bhavish Aggarwal announced the appointment as the company turned EBITDA positive in FY'23.

Business Desk
Ola new CEO
Ola appoints Hemant Bakshi as CEO | Image:Republic Business
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New operations: Indian ride-hailing company Ola has appointed Unilever veteran Hemant Bakshi as its CEO, as part of a restructuring effort within the company.

Ola founder Bhavish Aggarwal said FY23 marked profitability for their India Mobility Business, and the potential to reshape the future is “immense.”

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In a press conference in Bengaluru, Agarwal held a joint presser with Bakshi, who has been in India for the past four months to take on the charge.

As part of the streamlining of operations, Ola will focus on three distinct business units: ride-hailing and mobility, financial services, and logistics and e-commerce.

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Bhavish Aggarwal, who was CEO until the change was announced, is reported to have stepped away to focus on electric mobility. 

“ At Ola, we have witnessed a remarkable business and revenue growth in FY23, turning our India Mobility Business profitable last fiscal. In our next phase of growth, our vision is to serve one billion Indians and we are all set to reimagine and redefine mobility! The potential for us to shape the future is immense. We believe that premiumisation through choices, electrification for affordability and convenience while leveraging technology will be the key pillars that will transform mobility in India, Agarwal tweeted as he tagged Bakshi.

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Bakshi was previously Chairman of Unilever Indonesia, and served as Global Head and Executive Vice President of Unilever Marketplace. 

Aggarwal said he would continue to stay "fully involved" with the business. "There is a partnership between Hemant and I. He brings the strategy and operations, while I am the proverbial entrepreneur, thinking about newer ideas and innovating," the co-founder was quoted as saying at a press conference in the city.

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Hemant Bakshi's appointment as the CEO of Ola did the rounds in September 2023, but did not materialise back then.

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Published January 25th, 2024 at 21:09 IST

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