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Two top executives of Ola Electric, Slokarth Dash and Saurabh Sharda, have resigned from the company. Dash, the Head of Strategy and Planning, and Sharda, the Head of Growth and Corporate Affairs, have quit the company, Moneycontrol reported, adding that both executives are relied upon by CEO Bhavish Aggarwal.

The development comes ahead of the electric vehicle (EV) maker’s plans to go for an initial public offering (IPO) in early 2024.

Dash has been at Ola since 2015, first in the cabs business before leading the strategy and planning vertical at Ola Electric since June 2020. Sharda has been in the company since late 2016, and at Ola Electric since April 2019.

An Ola spokesperson confirmed the development: “Slokarth and Saurabh have delivered well for the company for over seven years, and we wish them well in their future pursuits.”

The Moneycontrol report said that two more CXO-level members at the group level are also on their way out. However, Ola denied the same.

“This is a mischievous attempt to build a fake narrative. At Ola, we’ve built a world-class and highly experienced leadership team and hired more than 50 veterans just in the last year from Indian and global firms like Tesla, Apple, and LG, among others. India is the future hub for tech and top global talent is eagerly joining new-age companies like ours. Ola is the largest EV company in India thanks to the efforts of our world-class team,” the Ola spokesperson said.

In July, Reuters reported that Ola Electric recorded an operating loss of $136 million on a revenue of $335 million in FY23. The EV maker—which surpassed Rs 500 crore in revenue in its first two months of FY23—said it was “on track to surpass a $1 billion run-rate by the end of this year” and “the future forecast looks even stronger.”

It has set ambitious internal projections, anticipating its revenue to surge fourfold to $1.5 billion in the fiscal year 2023-24.