With Ola’s revenues declined by 95% in lockdown, its chief Marketing Officer Arun Srinivas have resigned. Also Senior Vice President of Corporate affairs Snajiv Saddy is in the process of moving out of the company.
Arun’s and Sanjiv’s exit from Ola comes at a time when the ride sharing industry has been in turmoil from the beginning of the lockdown.
Srinivas was named as Ola’s CMO in July 2019, where he managed marketing, category management, sales, and provide management for Ola in India and abroad. before joining Ola, Srinivas worked with WestBridge Capital Partners as a senior advisor, and at Unilever holding various senior and executive roles from 2004 to 2017.
Ola’s revenues declined sharply by 95% during the lockdown in April and should , chief executive Bhavish Aggarwal revealed during a letter to Ola employees on 10 May. The startup also announced then that it’ll need to fire 1,400 employees thanks to the business slowdown.
“Arun Srinivas, Chief Sales & Marketing Officer and Sanjiv Saddy, SVP- Corporate Affairs, are moving on to pursue other opportunities outside of Ola. The organization wishes them well in their future endeavours,” said an Ola spokesperson.
Srinivas’ and Saddy’s exit from Ola comes at a time when the mobility and cab-hailing industry has been in turmoil ever since a nationwide lockdown began on 25 March.
Last October, Nitin Gupta, head of Foodpanda’s engineering operations left the food delivery firm to hitch grocery daily startup Milkbasket. Gupta spent over six years with Ola before joining Foodpanda in March, 2018. Foodpanda was acquired by Ola in December 2017, but was later pack up in May 2019 thanks to increased competition within the food delivery segment.
Other mobility startups have also been cutting jobs to conserve cash amid a freeze in funding. Ride-hailing platform Uber abandoning of quite 6,000 employees across all its operations