Top executives of SoftBank-backed Ola to exit ahead of potential IPO


FILE PHOTO: A policeman drinks tea in front of Ola's office in Mumbai, India October 29, 2018. REUTERS/Francis Mascarenhas

BENGALURU (Reuters) -SoftBank Group-backed Indian ride-hailing firm Ola is set to lose two top executives, according to an internal memo seen by Reuters, ahead of a potential $1 billion initial public offering.

Chief Financial Officer Swayam Saurabh and Chief Operating Officer Gaurav Porwal are leaving the company, according to the memo sent to employees by Chief Executive Officer Bhavish Aggarwal.

Ola did not immediately respond to a Reuters request for comment.

Aggarwal in the memo also announced several management changes across its mobility, vehicle commerce, and delivery and financial services units.

Saurabh, a former CFO of Hindustan Zinc, has been with Ola for seven months while Porwal, who has run the mobility business over the last year, joined the company in 2019.

Porwal will be leaving Ola to "pursue other interests", while Saurabh will be pursuing other opportunities, according to the memo.

Moneycontrol first reported about Ola's management changes on Tuesday.

Ola plans to raise up to $1 billion through an initial public offering in the next few months, according to recent media reports.

Founded in 2010, Ola also counts private equity firms Temasek and Warburg Pincus among its investors and competes with U.S.-listed Uber Technologies for a share of India's ride-hailing market. The firm has since expanded into offering cars on lease and into the electric-vehicle space in the country.

Ola's electric vehicle business earlier this year launched a scooter and has charted out plans to produce kick scooters, e-bikes, drones and even flying cars. The unit raised more than $200 million at a valuation of $3 billion in September.

(Reporting by Chandini Monappa and Vishwadha Chander in Bengaluru; Editing by Shounak Dasgupta and Ramakrishnan M.)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

   

Next In Tech News

Yusaku Maezawa: irreverent billionaire fascinated by space
Taiwan Nov exports seen surging for 17th month in a row: Reuters poll
New ‘Halo’ game debuts as Xbox turns 20
Third of upskirting offenders behind ‘other serious sexual crimes’
‘Metaverse’ hype fuels booming digital property market
Sign up to sites without your real email address using Firefox Relay
Getting connected: The smart devices looking out for your health
Alibaba appoints Toby Xu as new chief financial officer
Why major global firms can’t get enough of Indian talent
Banking Trojans: Danger in disguise Premium

Others Also Read


Vouchers