Online cab aggregator Ola has appointed Rajiv Bansal as its CFO. Bansal will be a part of Ola’s core leadership team and join the company starting January 2016. Mitesh Shah, Ola’s current CFO, will lead the company’s strategic finance initiatives as a part of Bansal’s team. ET had reported this development last week.
Bansal worked as an advisor to the CEO and board of Infosys before he joined Ola, before which he worked as the CFO for 3 years and as the VP and head of finance for over 13 years at Infosys. Prior to that, he was the manager of finance at Tata technologies for about a year, an assistant manager of finance at Cable & Wireless for over a year and the financial controller at ABB for 3 years.
Other appointments: In July, the company appointed Sundeep Sahni as the VP of new initiatives. Sahni previously co-founded and was the MD (Indonesia) of the Lazada Group. In the same month, Pallav Singh, the senior VP of operations at Ola, took over as the CEO of TaxiForSure after Arvind Singhal resigned. Ola also appointed Arun Sarin as an independent director to its board of directors. Sarin was the CEO of the Vodafone Group for 5 years and serves as an advisor on the boards of Cisco Systems, Charles Schwab, Blackhawk Networks and Safeway, Inc. In February, the company hired Sunit Singh as vice-president of design and Yugantar Saikia as its vice-president of human resources.
MapmyIndia partnership: Last week, Ola partnered with MapmyIndia to acquire a multi-year license for MapmyIndia’s mapping data and get get map updates from the latter. The financial details of the partnership were not disclosed.
Geotagg acquisition: This month, Ola acquired Geotagg, a company which provided transport solutions across web, mobile and kiosks, especially for public transportation, for an undisclosed amount. In September, Ola added a bus shuttle service to its platform to aggregate tourist and charter buses.
Funding: Earlier this month, Ola raised $500 million from various investors for growth related activities and mobility solutions. It also has 350,000 registered vehicles (275,000 cabs and 75,000 auto rickshaws) on its platform, up from 250,000 in August, also when it was doing 750,000 rides daily, in 102 Indian cities.