Who is Sandeep Chowdhury? OLA General Counsel quits: As per the sources, Ride-hailing app Ola’s General Counsel Sandeep Chowdhury has relinquished after a 9-month stint with the firm. Not only Sandeep but the Ola Chief Financial Officer (CFO) Swayam Saurabh and Chief Operating Officer (COO) Gaurav Porwal also leaving the firm. These exits come forwards of the plans of Ola to go in for an initial public offering (IPO). Sandeep, who connected with Ola from Nuvoco Vistas Crop Ltd, has resigned after a 9-month stint at Ola. The firm Ola didn’t respond to emailed queries looking for a response on the resignation of Chowdhury and the series of senior-level exits being watched at the firm. Follow More Update On GetIndiaNews.com
Who is Sandeep Chowdhury?
As per the LinkedIn profile of Sandeep Chowdhury, he has also served in companies including Baxter India, UPL, Bharti Walmart, and Hindustan Coca Cola Beverages. In the month of October, Ola had also restructured the organization and enlarged the roles for some of its top leaders. The CEO of Ola Delivery Business, Vinay Bhopatkar, was given additional responsibilities of the driver and also supply ecosystem of the movability business. Anshul Khandelwal, Ola Chief Marketing Officer was given additional responsibility to drive revenue as well.
OLA General Counsel quits
Other exits in the earlier past include Ola’s founding member Pranay Jivrajka, Ola Electric’s co-founders Anand Shah and Ankit Jain. Nitin Gupta, who was the CEO of Ola Financial Services, also exits last year, whereas Ola’s Chief business officer Sanjay Bhan, also resigned from the firm in less than a year. Ola’s core ride-hailing unit is also thinking to list on stock exchanges soon, for which it raised $500 million from Temasek and Warburg Pincus, giving early backers Matrix and Tiger a part exit from their post in the company. Whereas the firm has hired bankers for its IPO, has not revealed by when it plans to go to the public. The Economics Times recently observed that Ola is finalizing a pre-IPO round in the range of $250-$500 million, which will value it at $7 billion.
Ola is stated to be serving towards launching a USD 1-1.5 billion (₹7,324-10,985 crore) IPO. The firm is expected to lodge the DRHP (draft red herring prospectus) in the month of the December quarter and is serving with select banks, including Kotak Mahindra Bank Ltd, Citigroup Inc, to manage the IPO. The firm though has not officially commented on the timeline yet. HRS PTI ANZ SR hrs.