Ola top executives leave as company prepares to go public, Auto News, ET Auto

Two top rated Ola executives have left the ride-hailing corporation as it prepares to go public. Ola’s main running officer Gaurav Porwal and main money officer Swayam Saurabh have exited the Bengaluru-based company in excess of the very last 7 days.

On Tuesday, in an inside e mail addressed to all the employees, Bhavish Agarwal, cofounder and CEO of Ola group, acknowledged the exits and named it a “section of administration restructuring.” Agarwal claimed in the e mail, “As we glimpse ahead to Ola’s upcoming period of development, we are building some key updates to our organisation that will empower us to capture the chances that lie in advance.” ET has found a duplicate of the e mail.

Further more, Agarwal claimed, “Gaurav, who has operate the mobility company for the very last 12 months and crafted a solid basis through difficult situations, will be leaving Ola to pursue other passions.” Porwal had joined the Bengaluru-based corporation in 2019. He managed many assignments which includes that in Ola Delivery and Ola Meals just before he took in excess of as the COO in November very last 12 months.

Arun Kumar G, the group CFO, will proceed to operate the finance purpose throughout the corporation and all the key finance leaders of Ola will now report directly to him. Saurabh will be transferring on to pursue other chances in mid-December, the e mail claimed.

Saurabh, a veteran finance hand with extra than two many years of practical experience, took cost as CFO earlier this 12 months in April. He was previously the CFO for Hindustan Zinc, Philips and has had stints at Asian Paints and L&T.

As reported by ET earlier, Ola is checking out a public supply early upcoming nagement and Tencent as some of its key investors, will raise fifty percent the money by way of a principal issuance whilst the rest will be by way of an supply for sale (OFS) from some early backers.

Financial investment financial institutions Morgan Stanley, Goldman Sachs, Kotak Mahindra Capital, Citigroup and JP Morgan are serving to the corporation with the listing.

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