Ola Electric Names New CFO as Finance Chief Harish Abichandani Exits

Ola Electric has announced a key change at the top of its finance function, with chief financial officer Harish Abichandani stepping down, citing “personal reasons”. The listed electric two-wheeler maker has appointed Deepak Rastogi, Chief Financial Officer, Ola Electric, with effect from January 20.

The transition comes at a testing moment for the Bhavish Aggarwal-led company, which is navigating regulatory scrutiny, slowing revenues, rising competition, and sustained pressure on margins in India’s electric two-wheeler (E2W) market.

A CFO Transition At A Delicate Phase

Abichandani joined Ola Electric in December 2023 and played a central role in steering the company through its public market debut in 2024. Since the listing, however, Ola Electric’s operating environment has grown more complex.

In 2025, the EV maker grappled with revenue contraction, product delays, intensifying competition from legacy automakers, and mounting scrutiny over after-sales service quality. Regulatory attention, reputational challenges, and persistent losses further weighed on sentiment around the stock.

While Ola Electric reported a 15% year-on-year decline in consolidated net loss to ₹418 crore in Q2 FY26, revenue from operations fell sharply by 43% to ₹690 crore during the same period—highlighting the pressure on growth even as cost controls improved.

Who Is Deepak Rastogi?

Incoming finance chief Deepak Rastogi, Chief Financial Officer, Ola Electric, brings experience across manufacturing, automotive components, and real estate.

An alumnus of SP Jain Institute of Management & Research, Rastogi is a qualified chartered accountant and has previously held senior finance roles at Deepak Fertilisers and Petrochemicals Corporation, Tata AutoComp Systems, Castrol, and most recently Puravankara, where he served as group CFO.

At Ola Electric, Rastogi also takes on the role of key managerial personnel, placing him at the centre of capital allocation, compliance, and financial discipline as the company works to stabilise performance in a crowded EV market.

Market Share Losses And Investor Churn

The CFO change follows a period of sharp market share erosion. Ola Electric’s share of the E2W segment fell to 16.1% last year from 36.7% the year before, as competitors such as TVS Motor and Bajaj Auto expanded distribution and scaled comparable offerings.

The pressure has been visible on the stock as well. Ola Electric shares touched an all-time low of ₹30.79 in December before closing at ₹35.78 on Monday, down 3.95% for the session.

Investor exits have added to the narrative. SoftBank Group trimmed its holding by 2.15% between September 2025 and early January 2026, while Z47 exited fully in December. Tiger Global and Alpha Wave Ventures have also reduced exposure over the past year.

Leadership Flux At Ola Electric

Abichandani’s exit is not an isolated development. Over the past year, Ola Electric has seen several senior departures, including the head of its cell business, chief marketing officer, and chief product and technology officer, each citing personal reasons.

For a company that once dominated India’s e-scooter market, the churn underscores the operational and strategic recalibration underway as Ola Electric shifts from rapid scale to resilience.

What This Signals For CXOs And Startups

For founders and CXOs watching closely, Ola Electric’s CFO transition is a reminder that public markets demand consistency as much as innovation. As competition tightens and capital becomes more selective, financial leadership is no longer just about fundraising; it is about restoring confidence, managing scrutiny, and proving the path to sustainable growth.