Ola CFO Bansal, CMO Sarup quit

Ola CFO Bansal, CMO Sarup quit

Cab aggregator Ola, which is going through a dwindling valuation along with other startups in the country, continues to see top management churn with its CFO Rajiv Bansal and Chief Marketing Officer Raghuvesh Sarup putting in their papers.

The SoftBank-backed firm, which is locked in an intense leadership battle with US-based Uber, is also facing the heat of law enforcement agencies around its business model across India.

Pallav Singh, who is currently Senior Vice President and Head of Ola Money, has been given the additional responsibility as interim CFO, says a source close to the development. The company is yet to decide on the replacement for Sarup. Recently, US-based investment firm Vanguard Group has slashed the valuation of its stake in Ola (ANI Technologies) by over 40% at a time when the company is planning to raise further funds to fuel its growth.

Japan’s SoftBank, which helped Ola raise funding at a peak valuation of $5 billion, is also facing a loss of ¥39.28 billion ($350 million) on its investments in India, including those in Ola and ecommerce company Snapdeal.

Bansal, a former Infosys executive, joined Ola last year. He is also in the midst of controversy as some of the Infosys founders have raised concerns about the severance package offered to him.

The ride-hailing company is also witnessing a slew of changes in its executive team. Last month, Ola had roped in former PepsiCo executive Vishal Kaul as its COO. Pranay Jivrajka, who adorned that position and was also Ola’s first employee, got elevated as Founding Partner.

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