Foodpanda is likely to let go of some senior executives and transfer a few back to the parent company Ola, Business Standard reported citing four independent sources.
Ola’s cab vertical may see more exits from the top management. Nimish Joshi, the vice-president and head of strategic development, and senior director Pranav Mehta are keen to leave. Meanwhile, the top management is trying its best to retain the talents, sources told Business Standard.
The development comes at a time when Ola is at a crossroads. SoftBank, one of the major investors in Ola Cabs, has picked up stakes in rival Uber and had tried to merge both companies in a vain effort. Meanwhile, Ola co-founder Bhavish Aggarwal is fighting to maintain his independence against SoftBank Group Corp. He is trying to raise funds without help from its existing backers, Tiger Global and SoftBank. Aggarwal has also reportedly turned down a billion dollar investment from the Japanese vision fund to foil the latter’s plan to boost its influence in Ola.
Meanwhile, Uber is prepping for an IPO. The US-giant refers to Zomato and Swiggy as its competitors of its food delivery arm, UberEats, putting more pressure on Ola. Foodpanda was acquired by Ola in 2017.
Joshi’s exit could hurt Ola as he’s the M&A think tank in the company. Mehta was the de facto head of Delhi NCR and the northern region for Ola and was supposed to take a senior leadership role, the Business Standard reported.
One of Ola’s earliest employees Pallav Singh had quit in January. Singh, who was part of co-founder Bhavish Aggarwal’s A team, was also tasked with handling TaxiForSure (TFS). “It was a tough job running TFS at that time. He was asked to handle and turnaround a company where all the founders and senior executives were leaving,” Business Standard quoted a former executive as saying.
Almost a dozen mid-level employees have left the company over the last two months, according to sources.
“Part of the exits in the first instance was due to people being transferred from Ola to Foodpanda. But then the CEO’s focus changed. It went from Foodpanda back to Ola and when that happened people were pushed back,” Business Standard quoted a former employee as saying.