New Delhi, May 14: Ola founder Bhavish Aggarwal's brother Ankush Aggarwal has returned to the ride-hailing business after working with Ola Electric. The company has appointed him as the chief executive officer (CEO) of Ola Financial Services, according to media reports. His appointment comes after Hemant Bakshi resigned as CEO from the ride-hailing business last month. He was in charge of the mobility business, as well as key areas like financial services, logistics, and e-commerce.

As per reports, Ankush Aggarwal will be a part of the senior leadership of Ola Cabs. In 2022, Ankush Aggarwal sold his startup Avail Finance to ANI Technologies (the parent company of Ola) for about $50 million in a share swap deal. After that, he joined Ola Electric as the chief business officer (CBO). Elon Musk vs OpenAI: Tech Billionaire Says New GPT-4o Demo Made Him Cringe; Know Reasons.

Last month, the ride-hailing platform also announced job cuts. Bhavish Aggarwal addressed staff in a letter about a restructuring exercise to improve profitability and prepare for future growth. Microsoft Announces To Invest 4 Billion Euros in Cloud and AI Infrastructure During ‘Choose France’ Summit, Promises to Growing Artificial Intelligence Economy of Country.

The restructuring process will reportedly affect at least 10 per cent of the company's workforce. Meanwhile, Ola announced to shut down all its existing global markets, namely the UK, Australia and New Zealand amid rising competition. It said that it will be focusing on the Indian market as it sees an "immense opportunity for expansion" in the country.

(The above story first appeared on LatestLY on May 14, 2024 01:33 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).