During the company's preparations for an initial public offering (IPO) early next year, two senior executives from Ola stepped down and the company’s co-founder and CEO called it being ‘part of the management restructure’.

In the last week, Chief Operating Officer Gaurav Porwal and Chief Financial Officer Swayam Saurabh have both left the Bangalore-based firm. Before taking on the post of COO last year, Gaurav, who joined Ola in 2019, supervised numerous responsibilities including Ola Delivery and Ola Foods.Gaurav’s reason for the departure is to pursue other interests after managing the mobility business for the past year and laying solid foundations in difficult circumstances.

Saurabh on the other hand, a finance veteran with over two decades of expertise, was named CFO. He formerly worked at Asian Paints and L&T and was the CFO of Hindustan Zinc and Philips. In mid-December, Saurabh will leave to pursue other interests as well. Therefore, the group's CFO, Arun Kumar G, will continue to oversee the finance operation, and all of Ola's top financial executives will report directly to him.

In an internal email to all staff, Aggarwal described the departures as ‘part of the management restructure’.

The way Aggarwal has put it is that it’s a preparation for the next phase of Ola's growth, as the company is implementing some critical organizational changes that will enable it to seize the opportunities that lie ahead.

Ola was rumored to be considering an IPO early next year, with a goal of raising at least $1.5-$2 billion and valuing the company at $12-$14 billion. Ola, whose investors include SoftBank, Tiger Global Management, and Tencent, will raise half of the funds through a primary issuance and the other half through an offer for sale (OFS) from some early supporters.

Morgan Stanley, Goldman Sachs, Kotak Mahindra Capital, Citigroup, and JP Morgan are among the investment banks assisting the company with the listing process.

“Due to the significant synergies between both businesses”, Aggarwal adds, “Vinay Bhopatkar, who is expanding our Deliveries company, will take on additional responsibility for the driver and supply ecosystem of our mobility platform”.

"Under Bhopatkar's leadership, Ola is attempting re-entering the hyperlocal grocery delivery market", adds Aggarwal.

“Anshul (Khandelwal), who is in charge of marketing, would also be in charge of driving revenue”, adds Aggarwal.