09 February 2017, India:
Ride-hailing service Ola’s Chief Financial Officer (CFO) Rajiv Bansal has quit as the company struggles to raise fresh funds in order to go head to head with fierce rival Uber as per the report by Business Standard.
Ola has named operations head Pallav Singh as its interim CFO and Ola’s chief marketing officer Raghuvesh Sarup has also resigned from the company as per the report by The Mint.
Bansal was brought on board from India’s second largest software exporter Infosys to help Ola improve its books and raise fresh funds from global investors.
Ola, which offers app-based mobility solutions, was valued around $5 billion when it raised $500 million in August 2015. Three months later, it suffered a markdown by its lead investor SoftBank, the Japanese telecommunications multinational, recently Vanguard slashed its valuation by 40%. Meanwhile, Dr. Badri Raghavan, a veteran data scientist with over 20 years of extensive domain experience has been appointed as Chief Data Scientist of Ola. (Image- The Mint)