Ola’s uneasy transition into an everything company

Good Morning Dear Reader,   It's logical that in times of crisis a company is laser-focused on what it knows best. Except when the company's USP has been rendered all but useless. Ask ANI Technologies, the unicorn parent of ride-hailing service Ola Cabs. The pandemic led to a 95% plunge in rides at one point, forcing the company to fire 1,500 employees in May. Even with lockdown restrictions being eased, Ola's bruises will take a while to heal. So, Ola's ambitious co-founder and CEO Bhavish Aggarwal has little choice but to look for a salve in his newer ventures–foodtech, electric vehicles (EVs), and fintech. He aims to have 100-150 cloud kitchens in the next one year, from the current 50. And he wants to hire 2,000 people for Ola's EV arm in the next six months. Ola's total headcount now is just 3,500. But, as Pranav reports in his story today, there is tumult aplenty inside Ola. Targets have gone unmet in the EV business even as the focus has shifted from three-wheelers to two-wheelers. And Ola's plans to lend on its own through a non-bank license–which it's yet to get–will expose it to a host of new challenges. It's hardly surprising, then, that there have been several senior-level exits. There's clearly a lot that stands in the way of Aggarwal's ambition to make Ola an everything company. Read the story here: https://the-ken.com/story/olas-uneasy-transition-into-an-everything-company/ (12-minute read) Regards, Seetharaman seetharaman@the-ken.com   PS: We’re looking for a full-time tech/business reporter to join The Ken Southeast Asia’s team. You can find the full details here. What you just read is the personalised daily introduction to The Ken's story. Written by a different person each day. Often insightful, sometimes witty, and very rarely boring. Someone sent this to you? Sign up for free. Don't like these? You can unsubscribe. Want to manage your emails? Click here.