Ola Money announces leadership changes in the company post fundraising

Ola is not just the leading cab-hailing service. It has also ventured into various platforms including Ola Money, Ola Foods and Ola Electric. Ola Financial services, the parent company of Ola Money has reportedly raised over Rs 1700 crores in maiden rounds. Along with that, it has announced a few leadership changes.

For one, Nitin Gupta, who was the CEO of OFS since 2017 will be a part of Ola Cabs. Secondly, Former group CRO and interim business head of Ola UK, Harish Abhichandani, will take over as the new CEO of OFS. Further, Vikram Vaidyanathan, MD at Matrix Partners will also join the board of Ola Financial Services.

It was via email, that's how we know about the Ola Money's new leaders

In an email to employees, Ola CEO Bhavish Aggarwal said, "Nitin who has been leading our OFS business has decided to move on from his active role at Ola. Nitin is a solid entrepreneur and in his two-plus years with us, Nitin has built a great foundation for our OFS business." Aggarwal also highlighted that the financial services space in the global markets, including India, is “significantly” underserved due to weak distribution, low trust and complicated products. He added, "We have a once in a lifetime opportunity to change this with the reach and capabilities of our core ride-sharing platform, as well as by building products and services that are truly consumer-first and digital-first."

it revealed renewed plans to enter the food tech market with Ola Foods. Meanwhile, Ola Electric and Ola Money are the other two pillars of the business.

The leadership changes come after Ola decided to lay off over 1,400 employees across its mobility business. This was due to its revenue plummeting 95% over the past two months due to the Covid-19 pandemic. But, after these changes, Ola employees will not face any more job losses, confirmed Aggarwal.

For the laid-off employees, the company is offering up to three months of fixed salary as severance pay. This is irrespective of the notice period. Beyond this, those employees who have spent significantly more time will be eligible for higher payouts depending on their tenure.

Ola Electric

Ola Electric has also announced that it has acquired Amsterdam-based electric scooter OEM electric Etergo BV. It will now enter the premium electric two-wheeler market, both globally and nationally.