Ola Cars chief executive officer (CEO) Arun Sirdeshmukh has resigned from the company within eight months of taking on the role, the company confirmed on Thursday.
Ola appointed Sirdeshmukh as the CEO of Ola Cars, its new vehicle commerce platform, in October last year to oversee the entire sales and distribution, service, marketing, customer support, and go-to-market strategy of the business. He has more than 30 years’ experience in consumer internet, FMCG, retail and fashion industries, including with Amazon India, Reliance Trends and IBM Global Services.
In a clarification to a Moneycontrol report that also mentions Ola chief of group strategy Amit Anchal’s departure, Bhavish Aggarwal, founder & CEO of Ola, tweeted, “Amit is a core part of our leadership team and is not going anywhere. Arun Sirdeshmukh will move on. Wish him well.”
According to Ola, Anchal is incharge of all fundraising and investments activities across the group and played a key role in raising about $2 billion (in debt and equity) in the last six months alone.
Sirdeshmukh’s departure comes at a time the SoftBank-backed cab aggregator is struggling to launch its initial public offering (IPO). The public-listing process is reportedly being led by Ola group CFO GR Arun Kumar and Anchal.
Ola Company, which was planning to go public in the first half of this year, now plans to raise a new funding round at a lower valuation of $5 billion, according to a Moneycontrol report. The company was last valued at at $7.3 billion when it raised $139 million as part of its Series J round, led by Edelweiss PE, IIFL and Sunil Munjal-led Hero Enterprises in December last year.
The company had also announced raising a $500-million loan from international institutional investors last year, which is awaiting RBI approvals.
Others top executives to have quit Ola in the recent past include its chief financial officer Swayam Saurabh, chief operating officer Gaurav Porwal, chief human resources officer Rohit Munjal and general counsel Sandeep Chowdhury.