Lee Fixel, partner at Tiger Global Management, who was on the board of cab aggregator Ola (ANI Technologies) has stepped down from his position for unknown reasons, reports The Economic Times. The publication said that development was found in the ministry of corporate affairs’ filings.
As per the report, Fixel joined Ola’s board when the cab aggregator first raised its Series A funding from Tiger Global in 2012. It is unclear if any other Tiger Global’s partner will replace him, or if Tiger Global is looking for an exit from the firm. Ola declined to comment when MediaNama reached out.
Note that, Ola has been on funding spree in recent times from investors such as Softbank and Tencent. In October, the cab aggregator raised $1.1 billion led by Tencent Holdings Limited along with existing investor SoftBank, and others. And, it is also in advanced talks with other investors to close an additional $1 billion as part of the current financing round, concluding a total raise of over $2 billion. In August, Ola raised $36 million (Rs 231 crore) from New York’s Tekne Capital Management, and two months before that, it had raised $50 million. In May, the cab aggregator raised Rs 670 crore from Ratan Tata’s venture fund RNT Capital Advisers LLP and US hedge fund Falcon Edge Capital LP. And, $250 million from Japan’s SoftBank Group Corp, in April.