Ola Electric chief marketing officer Varun Dubey has quit citing personal reasons, days after CTO Dinesh Radhakrishnan departed in a series of top-level exits as the startup grapples with technical issues and a barrage of consumer complaints.
Last week, Moneycontrol reported that SoftBank-backed Ola's vehicle commerce CEO Arun Sirdeshmukh and its chief of group strategy Amit Anchal are leaving the firm, marking crucial exits when it is grappling with a delay in its listing plans, even as quality issues dog Ola Electric's scooters.
An Ola spokesperson confirmed that he was leaving due to personal reasons. Till a few months ago, Dubey was the face of the company, fielding media queries and criticisms around vehicle delivery and quality. But sources said he had stopped coming to work in the last few weeks.
These exits also come at a time when there has been a significant change of guard at Ola, with founder and CEO Bhavish Aggarwal stepping back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects such as two-wheelers, cars, and innovations in quick commerce and international expansion. GR Arun Kumar, who joined less than a year ago and is currently the Group CFO of Ola and CFO of Ola Electric is now managing day-to-day operations across the group.
Moneycontrol also reported recently that Ola, which was planning to list on the public markets this year, now plans to raise a new round of funding at a lower valuation, signifying a sharp reversal in fortune for startups, after a record 2021 that saw sky-high valuations in the public and private markets.
It is also yet to receive the $500 million loan that it raised from investors late last year, as approvals are pending from the RBI.
Ola was last valued at $7.3 billion when it raised $139 million in its Series J round, led by Edelweiss PE, IIFL, and Sunil Munjal-led Hero Enterprises, in what seemed like the last round of funding before its IPO. Before the $139 million, it raised $500 million from Warburg Pincus and Temasek, giving early backers Tiger and Matrix a part exit in the company. Founder and CEO Bhavish Aggarwal had earlier said that Ola plans to go public in the first half of 2022.
Aggarwal also outlined plans to create a super app that would offer not just mobility but also loans and microinsurance. Ola has also launched its instant grocery delivery business, Ola Dash, as it seeks to build services beyond ride-hailing, which took a hit post-pandemic.
The company has witnessed a spate of exits in recent months, including its Chief Financial Officer Swayam Saurabh, Chief Operating Officer Gaurav Porwal, HR head Rohit Munjal and General Counsel Sandeep Chowdhury,Aggarwal is the founder of two unicorns- the ride-hailing business Ola and Ola Electric, which has ambitious plans to disrupt the electric two-wheeler market.