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Updated October 20th, 2021 at 14:28 IST

Ola's CFO and COO to exit company ahead of IPO launch: Report

Right before the anticipated launch of Ola IPO, the company's top executives have decided to resign, as revealed by a mail from CEO Bhavish Aggarwal.

Reported by: Shikhar Mehrotra
OLA IPO: Ola's CFO and COO to exit the company ahead of IPO: Report
IMAGE: PTI | Image:self
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Indian renting company Ola is about to lose two of its top executives ahead of its IPO launch. The Chief Financial Officer, Swayam Saurabh and the Chief Operating Officer, Gaurav Porwal are leaving the company. The information was conveyed to employees by Chief Executive Officer of the company, Bhavish Aggarwal, through a memo. The CEO also informed about management changes in the firm across several services such as vehicle commerce, delivery and financial units. 

One of the top executives who are leaving the company, Saurabh has been with Ola for seven months and was previously working as the CFO of Hindustan Zinc. The second executive who will be leaving the company, Porwal has been with the company since 2019, managing the mobility business. Recently, the company also ventured into another sector, manufacturing electric bikes under Ola Electric. 

Ola's top executive to resign, management undergoes changes 

In a mail sent to Moneycontrol, the CEO of Ola mentions about new executives who will be taking over the vacant spots. He mentions that Vinay, who is currently working on the Deliveries business will take up the responsibility for the driver and supply ecosystem of Ola's mobility platform. Additionally, the CEO also informs that Anshul, who currently leads marketing will take up the responsibility to drive revenue. 

Regarding the departure of Swayam Saurabh, Aggarwal mentions that Arun Kumar GR, Ola's Group CFO will continue to run the finance function across the group and all key leaders will now report to him. He said, "Swayam Saurabh will be moving on to pursue other opportunities in mid-December." All these developments have taken place when the company is right on the verge of launching its IPO worth $1 billion. Ola has successfully raised from investors including Temasek Holdings and Warburg Pincus. 

According to another report by Bloomberg, Ola has selected Citigroup Inc. and Kotak Mahindra Bank Ltd to manage Ola IPO which is expected to raise a whopping $1 billion, or roughly Rs, 7,490 crores. The report also states that the IPO could be released as early as October 2021. There is no official date for the same. Currently, the Indian cab renting company is functioning with over 1.5 million drivers and operating in 250 cities across the country and overseas. 

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Published October 20th, 2021 at 14:28 IST

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