Ola CFO, COO resign ahead of firm’s IPO plans

High-level exits at Ola come at a time when the agency has been on a promotion drive for its upcoming electrical scooter.

Ride-hailing start-up Ola’s (ANI Technologies Pvt Ltd) chief monetary officer Swayam Saurabh and chief working officer Gaurav Porwal have give up their roles ahead of the firm’s proposed IPO plans.
A supply with information of the C-level exits confirmed to FE that Saurabh and Porwal had put down their papers six months in the past.

Saurabh was appointed as Ola’s CFO just lately in April this yr, whereas COO Porwal additionally took extra cost as head of Ola Fleet and Ola Foods throughout his tenure.

“All C-level executives and VPs have a minimal 6 month discover interval at Ola… Gaurav Porwal was handed over helms of the Ola Fleet enterprise solely in April after the sooner head Puneet Bhirani left the corporate in the identical month,” added the particular person quoted above, who requested to not be named.

An Ola spokeswoman declined to touch upon the story when FE reached out. An electronic mail question despatched to Ola was unanswered till press time.

Online information platform Moneycontrol first reported the event on Tuesday, quoting an inner memo despatched by Ola CEO Bhavish Aggarwal to staff on October nineteenth.

“Vinay, who’s constructing our deliveries enterprise, will tackle the extra duties for the motive force and provide ecosystem of our mobility platform… Anshul, who leads advertising, will tackle the extra accountability to drive income as effectively… Arun Kumar GR, our Group CFO, will proceed to run the finance operate throughout the group and all key finance leaders will now report back to him. Swayam Saurabh might be transferring on to pursue different alternatives in mid-December,” Agarwal wrote in his memo to staff on Tuesday.

High-level exits at Ola come at a time when the agency has been on a advertising and promotion drive for its upcoming electrical scooter. However, Ola’s electrical automobile mission is housed beneath a special entity, named Ola Electric Mobility Pvt Ltd.

High-level and C-suite exits have been a unbroken pattern at Ola since 2019, though the typical attrition charges at tech start-ups have been on the rise, particularly after the pandemic.

Prior to the C-level exit of Saurabh and Porwal, Ola’s co-founder Pranay Jivrajka, and Ola Electric’s co-founders Ankit Jain and Anand Shah, had left the corporate final yr.

Ola Financial Services CEO Nitin Gupta put down his papers final yr to pursue his personal enterprise, whereas Ola’s chief enterprise officer Sanjay Bhan additionally left the corporate in July final yr.


Author: Salman SH

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