October 20, 2021

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

By ellen

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 US$1 billion (S$1.35 billion) initial public offering (IPO).

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.

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

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

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

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

Founded in 2010, Ola also counts Singapore investment company Temasek and private equity firm Warburg Pincus among its investors and competes with United States-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 sector 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 US$200 million at a valuation of US$3 billion in September.