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

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

By:October 20, 2021 10:06 AM

Ride-hailing start-up Ola’s (ANI Technologies Pvt Ltd) chief financial officer Swayam Saurabh and chief operating officer Gaurav Porwal have quit their roles ahead of the firm’s proposed IPO plans.
A source with knowledge of the C-level exits confirmed to FE that Saurabh and Porwal had put down their papers six months ago.

Saurabh was appointed as Ola’s CFO recently in April this year, while COO Porwal also took additional charge as head of Ola Fleet and Ola Foods during his tenure.

“All C-level executives and VPs have a minimum 6 month notice period at Ola… Gaurav Porwal was handed over helms of the Ola Fleet business only in April after the earlier head Puneet Bhirani left the company in the same month,” added the person quoted above, who asked not to be named.

An Ola spokeswoman declined to comment on the story when FE reached out. An email query sent to Ola was unanswered until press time.

Online news platform Moneycontrol first reported the development on Tuesday, quoting an internal memo sent by Ola CEO Bhavish Aggarwal to employees on October 19th.

“Vinay, who is building our deliveries business, will take on the additional responsibilities for the driver and supply ecosystem of our mobility platform… Anshul, who leads marketing, will take on the additional responsibility to drive revenue as well… Arun Kumar GR, our Group CFO, will continue to run the finance function across the group and all key finance leaders will now report to him. Swayam Saurabh will be moving on to pursue other opportunities in mid-December,” Agarwal wrote in his memo to employees on Tuesday.

High-level exits at Ola come at a time when the firm has been on a marketing and promotion drive for its upcoming electric scooter. However, Ola’s electric vehicle project is housed under a different entity, named Ola Electric Mobility Pvt Ltd.

High-level and C-suite exits have been a continuing trend at Ola since 2019, although the average attrition rates at tech start-ups have been on the rise, especially 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 company last year.

Ola Financial Services CEO Nitin Gupta put down his papers last year to pursue his own venture, while Ola’s chief business officer Sanjay Bhan also left the company in July last year.


Author: Salman SH

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Latest Auto News