ANI Technologies, the parent company of ride-hailing service Ola Cabs, is looking at building a “profitable allied ecosystem” riding on next-generation technologies, including artificial intelligence (AI) and Cloud.
This includes scaling up various businesses such as ride-hailing, financial services, logistics, and e-commerce in the next few months, according to sources.
“Globally, the ride-hailing industry is going through a lot of transformation and disruption due to new technologies such as AI,” said a person familiar with Ola’s strategy.
The company wants to serve one billion Indians and drive sustainable growth and efficiency in the organisation. For this, the company is restructuring. It has invested in artificial intelligence and technology.
Ola is strategising to transform mobility and ride-hailing, and increase growth. This includes premiumisation to expand the multi-city Prime Plus experience with a loyalty programme and luxury cars on the anvil. It is leveraging electrification to disrupt the mobility space. This includes offering affordable rides in the two-wheeler segment.
Financial services are another big area. This includes focus on the asset finance vertical with bank tie-ups and better insurance and process experience. Ola is also concentrating on scaling up logistics and e-commerce services. This consists of a multi-work model combined with the company’s large customer base, financial services offers, gig-worker platform, and technology capabilities to leverage the government-backed Open Network for Digital Commerce (ONDC).
“Ola recently moved founder Bhavish Aggarwal’s brother Ankush Aggarwal back to the Ola Cabs as part of the senior leadership,” said a person familiar with Ola’s strategy. “Ankush Aggarwal is expected to run the financial services business.”
Senior-level exits
Restructuring is part of a broader push towards profitability as Ola Cabs prepares for an initial public offering (IPO) of $500 million, valuing the company at approximately $5 billion. The company plans to file papers with the Securities and Exchange Board of India within the next three months, according to sources.
The company is also witnessing senior-level exits. Kartik Gupta, chief financial officer (CFO) of ANI Technologies, has stepped down, according to sources. Gupta’s resignation came two weeks after Chief Executive Officer Hemant Bakshi quit. The departure of Gupta, a former Procter and Gamble executive, and Bakshi, earlier in Unilever, is part of the restructuring that will impact at least 10 per cent of the 1,800-strong workforce, sources said.
Earlier this year, Ola announced its India mobility business turned positive on Ebitda (earnings before interest, taxes, depreciation, and amortisation) in FY23.
First Published: May 20 2024 | 7:47 PM IST