BUSINESS

Ola CFO Rajiv Bansal, CMO Raghuvesh Sarup Quit A Year After Joining

Ola's valuation was recently struck down by 40 per cent by a US-based investor.

09/02/2017 4:11 PM IST | Updated 09/02/2017 4:22 PM IST
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Online cab aggregator Ola's Chief financial officer Rajiv Bansal and Chief marketing officer Raghuvesh Sarup have resigned a year after joining the company, according to media reports.

Senior Vice President Pallav Singh who heads Ola Money has been named interim CFO while a replacement for Sarup is yet ot be named, ET reported.

Bansal, who had been with Infosys before joining Ola early last year, is currently embroiled in a severance payout controversy at Infosys, where his most recent role was CFO. His severance pay at Infosys at Rs 17.38 crore, along with high payouts of two other executives became the subject of a corporate governance inquiry at the company last month.

Ola's valuation was recently struck a blow, with a 40 per cent markdown by a mutual fund of US-based Vanguard Group, bringing its valuation to about $3 billion, significantly down from the $5 billion it commanded in 2015 when it raised $500 million.

Ola has been locked in a fierce competition with US-based Uber, which sees India as one of its key markets for growth. The app-based cab hailing market in India has been dominated by deep ride discounts, and aggressive expansion tactics, such as rolling out in-cab entertainment services to lure customers.

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