Ahead Of IPO, Ola Electric Appoints Veteran Topsy Mathew As Corporate Finance Head

Just a couple of weeks after it was reported that Ola Electric is eyeing its initial public offering (IPO) in 2024, the Bhavish Aggarwal-led startup has reportedly appointed finance veteran Topsy Mathew as the head of corporate finance and treasury.

Mathew will look after the finance operations of the two-wheeler electric vehicle (EV) startup and report to its CFO Arun Kumar, MoneyControl reported.

Citing a source, the report said that the team under Mathew will also look at hirings as Ola Electric has been hiring across engineering, sales and finance roles.

Ola Electric has been topping the two-wheeler EV registration charts for the last few months. However, it has also laid off employees across engineering, sales and finance teams in the last couple of years to cut its costs, with the latest such restructuring exercise taking place in January this year.

Mathew brings with him over 25 years of experience and has worked with multiple major financial institutions and technology companies such as Credit Suisse, Standard Chartered, BCG and PCCW.

In his last stint, he was the partner and CEO of Golden Mean Capital – a Mumbai-based alternative asset management company,  for the past 2 years.

Ola Electric declined to comment on Inc42’s queries on the appointment of Mathew. 

Last month, reports said that Ola Electric is in talks with Kotak, Citibank, Goldman Sachs, and other banking partners for the public offering for its IPO in 2024. 

The startup has reportedly also roped in Cyril Amarchand Mangaldas and Shardul Amarchand Mangaldas as legal advisors for the same.

Aggarwal has restructured both of his companies, Ola Electric and Ola Cabs, over the last year or so. Ola Cabs also shut down its quick commerce delivery platform OlaDash and used car selling marketplace OlaCars last year.

Recently, Aggarwal incorporated a new company, Krutrim Si Designs Private Limited, which is expected to operate in the artificial intelligence space.

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.