ANI Technologies, the parent company of Ola Cabs, is aiming to develop a "profitable allied ecosystem" leveraging next-generation technologies like artificial intelligence (AI) and cloud computing, as per a report by Business Standard.
With Ola Cabs aiming to file for an IPO to raise $500 million, restructuring becomes a critical aspect for the company.
ANI Technologies, the parent company of Ola Cabs, is aiming to develop a "profitable allied ecosystem" leveraging next-generation technologies like artificial intelligence (AI) and cloud computing, as per a report by Business Standard.
This strategy involves expanding several of its businesses, including ride-hailing, financial services, logistics, and e-commerce, over the coming months. Due to new technologies such as the advent of artificial intelligence, the ride-hailing industry is undergoing much transformation, says the report.
Ola is planning to expand and revolutionise ride-hailing and transportation. This involves adding premium features, such as a reward program and luxury automobiles on demand, to enhance the multi-city Prime Plus experience, as per the report. The report adds that the ride-hailing platform is using electrification to cause disruptions in the transportation sector. Offering reasonably priced two-wheeler rides is one aspect of this.
Ola is also focused on growing its e-commerce and logistics businesses. This includes using the company's broad client base, financial services offerings, gig-worker platform, and technological prowess to take advantage of the government-backed Open Network for Digital Commerce (ONDC) in conjunction with a multi-work model, according to the report.
With Ola Cabs aiming to file for an IPO to raise $500 million, restructuring becomes a critical aspect for the company. Meanwhile, the company has seen several top-level exits, with Karthik Gupta’s departure being one of them. Gupta became the Chief Financial Officer (CFO) of ANI Technologies seven months after he joined the company.
Prior to him, Hemant Bakshi, CEO of Ola Cabs, stepped down just four months after he took the role. Highlighting the recent exits, the company said in a statement that the restructuring is aimed at productivity enhancement in an AI-led era that is redefining the cab-hailing industry globally. “The restructuring will allow Ola to strengthen its cost structures, focus on growth, and increase its bottom line,” the statement added.