Ola Electric Names Deepak Rastogi as New CFO Ahead of IPO
Ola Electric has appointed Deepak Rastogi, a former Puravankara CFO, as its new chief financial officer. The move comes as the electric vehicle maker prepares for its upcoming initial public offering (IPO).
Key Takeaways
- Deepak Rastogi, with over 25 years of experience, is the new CFO of Ola Electric.
- He joins from real estate firm Puravankara and has worked with Tata Motors and Hindustan Unilever.
- The appointment is strategic as Ola Electric readies for its IPO, having filed its draft prospectus in December 2023.
Deepak Rastogi’s Professional Background
Rastogi brings extensive financial leadership experience to Ola Electric. Prior to Puravankara, he held roles at major corporations like Tata Motors, Hindustan Unilever, and GE Capital. He is an MBA graduate from IIM Lucknow and a qualified chartered accountant.
Strategic Timing for the IPO
Rastogi’s appointment is closely tied to Ola Electric’s IPO plans. The company filed its Draft Red Herring Prospectus (DRHP) with SEBI in December 2023. The IPO aims to raise ₹5,500 crore through a fresh issue of shares, alongside an offer for sale (OFS) of 95.2 million shares.
Leadership Endorsement
Bhavish Aggarwal, Founder and CEO of Ola Electric, welcomed the new CFO. “We are thrilled to welcome Deepak to Ola Electric. His extensive experience and proven track record in financial leadership will be invaluable as we accelerate our growth and prepare for our next phase of expansion,” Aggarwal said.
Rastogi’s Vision for Ola Electric
Expressing his enthusiasm, Rastogi stated, “I am excited to join Ola Electric at such a pivotal time. The company is at the forefront of India’s EV revolution, and I look forward to contributing to its financial strategy and growth journey.”
Previous CFO Transition
Ola Electric’s previous CFO, Kartik Gupta, was appointed in July 2023. Gupta, formerly of Fiat Chrysler Automobiles India, has now transitioned to become the CEO of Ola Electric’s vehicle commerce business.
