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

Two top executives exit SoftBank-backed ride sharing firm Ola ahead of IPO
Two top executives exit SoftBank-backed ride sharing firm Ola ahead of IPO   -   Copyright  Thomson Reuters 2021   -  
By Reuters

<div> <p>By Chandini Monnappa</p> <p><span class="caps">BENGALURU</span> -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. </p> <p>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. </p> <p>Ola did not immediately respond to a Reuters request for comment.</p> <p>Aggarwal in the memo also announced several management changes across its mobility, vehicle commerce, and delivery and financial services units.</p> <p>Saurabh, a former <span class="caps">CFO</span> 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.</p> <p>Porwal will be leaving Ola to “pursue other interests”, while Saurabh will be pursuing other opportunities, according to the memo.</p> <p>Moneycontrol first reported about Ola’s management changes on Tuesday.</p> <p>Ola plans to raise up to $1 billion through an initial public offering in the next few months, according to recent media reports.</p> <p>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.</p> <p>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.</p> </div>