Ola's founding member Pranay Jivrajka exits the company
Pranay Jivrajka, a founding member of Ola, and the former CEO of Ola Foods has exited the ride-hailing unicorn. Pranay was also elevated to a founding team member prior to his exit. An official spokesperson said - "We thank Pranay for his many contributions through the years, and wish him the very best for his future endeavours."
Founded in 2010 by Bhavish Aggarwal and Ankit Bhati, in the past few years Ola has been rapidly expanding.
Apart from growing its mobility business internationally to UK, Australia, New Zealand, and others, Ola also expanded into Ola Foods with acquisition of the foodtech platform Foodpanda. Currently, Ola has been significantly bullish about its new venture, Ola Electric.
It has started building a mega factory in Tamil Nadu. Spread across 500 acres, the fully-automated factory has the capacity to build 10 million electric two-wheelers by June 2022. This factory will cater to customers not only in India, but markets around the world, including Europe, Asia, Latin America, and more. The company is gearing up to launch the first of its range of highly anticipated electric scooters in the coming months.
While the company had hit operational breakeven for its India business in 2019, the COVID-19 pandemic hit the mobility business. However, a company spokesperson attests that the mobility business is slowly getting back on track. The startup has raised $3.5 billion to date, and counts marquee names like Temasek and Softbank as its investors.
Edited by Anju Narayanan