Ola Electric, the two-wheeler electric vehicle (EV) startup led by Bhavish Aggarwal, has reportedly appointed finance veteran Topsy Mathew as the head of corporate finance and treasury. This move comes just a few weeks after reports surfaced about Ola Electric’s plans for an initial public offering (IPO) in 2024.
According to MoneyControl, Mathew will be responsible for overseeing the finance operations of the EV startup and will report to CFO Arun Kumar. The team led by Mathew will also focus on hiring, as Ola Electric has been expanding its workforce in engineering, sales, and finance roles.
Ola Electric has been performing well in the two-wheeler EV segment, consistently leading the registration charts in recent months. However, the company has also undergone restructuring exercises over the past couple of years, including layoffs in engineering, sales, and finance teams, to manage costs. The most recent restructuring took place in January this year.
With over 25 years of experience, Mathew brings a wealth of financial expertise to Ola Electric. He has worked with prominent financial institutions and technology companies such as Credit Suisse, Standard Chartered, BCG, and PCCW. In his previous role, Mathew served as the partner and CEO of Golden Mean Capital, an alternative asset management company based in Mumbai.
In preparation for its IPO in 2024, Ola Electric has reportedly been in discussions with banking partners such as Kotak, Citibank, and Goldman Sachs. The startup has also enlisted Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas as legal advisors for the IPO.
Bhavish Aggarwal, the founder of both Ola Electric and Ola Cabs, has been undertaking significant restructuring efforts for both companies over the past year. Ola Cabs shut down its quick commerce delivery platform, OlaDash, and its used car selling marketplace, OlaCars, last year. Aggarwal recently incorporated a new company called Krutrim Si Designs Private Limited, expected to operate in the artificial intelligence space.
