CFO Arun Kumar takes reins of Ola cars, after CEO Arun Sirdeshmukh resigned
- ByStartupStory | May 6, 2022
Ola Cars were launched in October 2021 so that the customers on the Ola app can purchase used and new vehicles. Ola cars CEO Arun Sirdeshmukh resigned less than a year after he was appointed as the CEO of Ola Cars. The company’s go-to-market (GTM) strategy and its used cars business were being managed and led by Sirdeshmukh. However, with his resignation, the chief financial officer (CFO) GR Arun Kumar would be managing Ola Cars’ day-to-day operations.
Ola was trying to diversify its business and add new products to its already existing services while preparing for its initial public offering when Sirdeshmukh resigned. Reports have also come that Ola’s chief of group strategy Amit Anchal is also leaving the company, which was supposed to lead Ola’s IPO. Anchal also played a key role in fundraising. However, the company has denied reports of his resignation.
Ola’s ride-hailing business generates 90% of the mobility giant’s revenue. Other areas such as Ola Dash and fintech business Ola money contribute little amounts to the mobility giant’s revenue. Diversifying in different areas was Ola’s attempt to position itself as a super app before it is listed in the stock market.
According to a report, the Indian electric market had been valued at $1.43 Tn in 2021 and is expected to reach a whopping $15.40 Tn by 2027.
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