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<keyword id="14403260" type="General" weightage="20" keywordseo="Shikharr-Sood" source="Orion">Shikharr Sood</keyword>, the head of <keyword id="6354720" type="General" weightage="100" keywordseo="ola" source="Orion">Ola</keyword>'s Talent Acquisition, and in charge of talent acquisition for the entire Ola Group, is now reportedly the latest executive to leave the firm. His resignation comes amid several resignations by top executives. Several former executives said that product complaints, unit closures, and 'act fast, think later' culture has led to recent Ola troubles, CNBC reported, adding that the company is yet to respond to the query on Sood's resignation. Meanwhile, a recent media report also said that the ride-hailing platform Ola is planning to lay off up to 500 employees across departments as it aims to cut costs and streamline operations amid the ongoing funding winter. Meanwhile, a recent report said that the ride-hailing platform Ola is planning to lay off up to 500 employees across departments as it aims to cut costs and streamline operations amid the ongoing funding winter. According to reliable sources, SoftBank-backed Ola has asked senior executives to find employees in their teams on a performance basis who can be asked to go. The company is reportedly looking at "leaner and consolidated teams" to keep its "strong profitability intact". Ola, which has delayed its IPO plans, has also reportedly shopped its global investment plans to further expand overseas. The company currently has nearly 1,100 employees in its core ride-hailing business and directly competes with Uber. Last month, Ola shut down its used vehicle business <keyword id="3295694" type="General" weightage="50" keywordseo="ola-cars" source="Orion">Ola Cars</keyword> as well as <keyword id="13052888" type="General" weightage="50" keywordseo="ola-dash" source="Orion">Ola Dash</keyword>, its quick-commerce business. The company shut Ola Cars within one year of its launch, as it focuses on its electric two-wheeler and electric car verticals. Ola has so far shut down <keyword id="2773874" type="General" weightage="50" keywordseo="ola-cafe" source="Orion">Ola Cafe</keyword>, food panda, Ola Foods, and now Ola Dash. Meanwhile, <keyword id="4393078" type="General" weightage="50" keywordseo="ola-electric" source="Orion">Ola Electric</keyword>, facing a government probe into battery fires along with other EV players, has also seen some high-profile exits in recent months. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/not-just-crude-gold-silver-and-even-wheat-and-edible-oil-prices-are-going-down-in-india/articleshow/92748130.cms">It’s not just crude, gold, silver and even wheat and edible oil prices are going down</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/retail/news/dmarts-growth-momentum-could-be-impacted-by-high-inflation/articleshow/92747965.cms">DMart has more stores and no disruptions like it wanted – and investors are excited</a>

Ola's talent acquisition head Shikharr Sood quits too

<ul><li>The ride hailing app has acqui-hired Bengaluru-based <keyword id="7979481" type="UNKNOWN" weightage="20" keywordseo="pikup-ai">Pikup.ai</keyword>.</li><li>Pikup.ai uses <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">artificial intelligence</keyword>, computer vision and sensor fusion to provides AI-powered solutions for businesses.</li><li>This acquisition comes right after <keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword> set up a technology centre in the Bay Area in the US to drive next gen technological solutions in mobility.</li></ul>Indian ride-hailing unicorn Ola has acqui-hired (acquired along with the team) Pikup.ai, an artificial intelligence startup, for an undisclosed amount. Pikup.ai uses artificial intelligence, computer vision and sensor fusion to provides seamless AI-powered solutions for businesses. “As we advance on our mission to build mobility for a billion people, we are investing in futuristic technology solutions that will shape the future of mobility in India and the world,” said Ankit Bhati, Co-founder &amp; CTO, Ola in a statement. Ola has been investing heavily into technologies for its Ola Mobility wing. It had also recently set up a technology and innovation centre in the Bay Area. The company is planning to hire over 150 engineers at the new centre, to develop next-generation technologies in mobility. These engineers will be hired across domains like Artificial Intelligence (AI), machine learning, data science, engineering, and product development. Ola has made several acquisitions in the past – food delivery startup Foodpanda, logistics startup Ridlr, rival ride hailing company Taxiforsure, transportation startup Geotagg and mobile payments platform Qarth. Ola has been racing ahead in the Indian mobility space, as it continues to be in a fight for the finish with its arch rival Uber. Ola isn’t just fighting Uber in India but also in global markets like Australia, UK etc. Both Ola and Uber have been investing into new technologies with multiple acquisitions. Uber had recently <a href="https://www.geekwire.com/2019/uber-acquires-seattle-startup-mighty-ai-fuel-push-self-driving-cars/">acquired</a> Seattle-based startup Mighty AI, taking its self driving car vision ahead.

Ola buys another startup for Artificial Intelligence and Machine Learning solutions – beefing up for its fight with Uber

Here’s how much buying and owning an electric scooter costs in India versus a petrol scooter

The Indian start-up wave has come down to a slower pace, as evident from the hiring trends of several start-ups. To name one, Flipkart has deferred the joining dates of recruits from <a href="http://www.businessinsider.in/Students-of-IIM-A-are-helping-this-Gujarat-village-market-toilets-to-tribals-villagers/articleshow/51852988.cms">IIM-A</a>, proving that something is not right in the start-up arena. 
 
There was a time when everyone wanted to join start-ups via placements that were also very enthusiastic about hiring fresh talent. However, most start-ups have now started either <a href="http://www.businessinsider.in/IIM-A-has-written-a-strongly-worded-letter-to-Flipkart-after-it-defers-joining-dates-of-recruits/articleshow/52430050.cms">withdrawing their job offers </a>or marking down the salaries offered in the first place. 
 
Also read: <a href="http://www.businessinsider.in/Read-the-Curt-email-IIM-A-sent-Flipkart-about-bad-hiring-policies/articleshow/52431557.cms">Read the Curt email IIM-A sent Flipkart about bad hiring policies</a> 
 
During the November-January placement season, start-up hiring had surged because these emerging businesses were competing to recruit the best talent; however, now the investors have tightened their money bags, hinting that these start-ups have to focus on profitability and paring costs rather than talent acquisition. 
 
Also read: <a href="http://www.businessinsider.in/Indian-B-schools-students/articleshow/52011295.cms">More than 90% students from Indian B-schools earn less than an average peon, study reveals</a> 
 
Two of India's most valuable internet companies, Ola and Snapdeal, didn’t even attend the campus placements session this academic year, which was shocking to many, given that a few months back, leading start-ups had partnered with <a href="http://www.businessinsider.in/Vijay-Mallya-debt-fiasco-comes-to-some-good-use-for-Indian-business-schools/articleshow/51496588.cms">top engineering schools</a> for top slots at campus placements, asking them to be prioritised over global technology giants such as Google. 
 
"While one startup withdrew offers given to six students, a few others are saying they will come up with later joining dates as some businesses they had hired for are not doing well," said Ayush Lakhotia, placement coordinator at IIT Bombay. "There is a lot of suspicion and concern among students this time when it comes to startups," he added. 
 
Also read: <a href="http://www.businessinsider.in/B-school-students-are-believing-in-Indias-growth-story-and-taking-up-less-offers-overseas/articleshow/51454136.cms">B-school students are believing in India’s growth story and taking up less offers overseas</a> 
 
Other than delaying joining dates, start-ups have also started to 'correct' the salaries offered to students, notifying them of the same in the final offer letters. 
 
<a href="http://cdn3.benzinga.com/files/imagecache/1024x768xUP/images/story/2012/shutterstock_84623416.jpg">Image source</a>

Start-ups are low on cash, and talent acquisition is set to suffer a major deal because of this

<ul><li>Bansal has just bought a majority stake in CRIDS and has taken over as CEO. </li><li>He had sold his 5.5% stake for $1 billion in <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>’s sale to Walmart. </li><li>He has gone on to make several <keyword id="6362476" type="UNKNOWN" weightage="20" keywordseo="investments">investments</keyword> in the Indian startup ecosystem.</li></ul>Flipkart founder and former CEO <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> is now back as a CEO again. After months of speculation over his next possible venture in the financial services segment, Bansal bought a majority stake in CRIDS and took over as CEO. Bansal exited from Flipkart after its $16 billion acquisition by global retail giant Walmart in 2018. He sold his 5.5% stake for $1 billion. In a note that he released right after his exit from the company he had built for 10 years, Bansal had said that he would spend time on ‘pending projects, gaming and brushing up his coding skills’. While he made personal investments even while running Flipkart, he later founded a firm called BAC Acquisitions. Here's a look at all of his investments since his much-talked about exit from Flipkart. CRIDS Bansal picked up a majority stake in Bengaluru-based microfinance company Chaitanya Rural Intermediation Development Services (CRIDS). According to<a href="https://tech.economictimes.indiatimes.com/news/startups/sachin-bansal-invests-rs-740-cr-in-chaitanya-rural-intermediation-development-services/71294091"> ET</a>, the former Flipkart CEO bought a 94% stake in the company. While he took over the role of CEO, Bansal in a statement called it, his ‘entry into financial services’. <keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword> His first investment after Flipkart and also his biggest, was a $21 million investment into cab hailing unicorn Ola. Bansal’s investment fetched him 70,588 series J preferred shares at a price of ₹21, 250 per share. <keyword id="53189" type="ENTERTAINMENT" weightage="20" keywordseo="boat">boAt</keyword> He also made an offbeat investment in audio brand boAt, via BAC Acquisitions. The brand which is known for its affordable speakers, received ₹20 crores as a part of venture debt. The three-year old boAt has already registered ₹100 crore revenue in FY'18 and is eyeing ₹500 crore in the next couple of years. Piramal Enterprises Bansal invested ₹200 crore in Piramal Enterprises’ debt, and subscribed to its non-convertible debentures (NCDs). <a href="https://www.livemint.com/companies/news/sachin-bansal-invests-200-cr-in-piramal-enterprises-debt-1563126810412.html">Piramal Enterprises</a> will infuse these new funds into its financial services sector. Ather Energy He has also invested in a Bengaluru-based electric bike startup, Ather Energy. While the amount invested is not known, he led the $51 million round. As an angel investor, Bansal earlier invested $0.5 million in the startup in 2014. The startup claims to be one of India’s first startups to manufacture electric vehicles. In June 2018, the startup’s first bike Ather 450 hit the market. Vogo and Bounce In April 2019, through his firm BAC Acquisitions, Bansal invested in scooter rental startups Vogo and Bounce. He Bansal had pumped in $3 million into each startup. Interestingly, Bansal’s other investment Ola had also pumped in a major $100 million into Vogo. With that, Vogo’s scooters are also listed on Ola for rental. Bounce is also backed by Sequoia Capital and Accel Partners. NBFCS In <a href="https://www.livemint.com/companies/start-ups/sachin-bansal-invests-in-altico-indostar-cap-1551115360930.html">February 2019</a>, Bansal invested in two non-banking financial companies (NBFCs) – Altico Capital India and IndoStar Capital Finance. In the same month, <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/sachin-bansal-plans-to-foray-into-fin-services/articleshow/68088962.cms">ET</a> said that Bansal reportedly made queries at the Reserve Bank of India, to understand the regulations necessary to start a bank. Meanwhile, in May 2019, Bansal <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/flipkarts-sachin-bansal-joins-ujjivan-small-finance-bank-as-director/articleshow/69585188.cms">joined</a> Ujjivan Small Finance Bank as its independent director.

Sachin Bansal is now a CEO again. Here’s a look at his investments since his Flipkart exit

<ul><li><keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> co-founder <keyword id="225032" type="PERSON" weightage="20" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> is pumping $91 million into the ride-hailing <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">startup</keyword>. </li><li><keyword id="6354720" type="UNKNOWN" weightage="20" keywordseo="ola">Ola</keyword>’s valuation stays at $5.7 billion. </li><li>The cab-hailing app is reportedly looking to venture into the e-pharmacy segment too.</li></ul>Flipkart co-founder Sachin Bansal has reportedly made his first investment post his exit from the e-tail giant, pumping $91 million into Indian cab hailing <keyword id="152045" type="ORGANIZATION" weightage="20" keywordseo="Unicorn">unicorn</keyword> <a href="https://www.moneycontrol.com/news/business/startup/flipkart-founder-sachin-bansal-takes-a-21-million-ride-in-ola-3387561.html">Ola</a>, which appears to be on a massive expansion spree. Bansal announced his exit from Flipkart after its $16 billion acquisition by Walmart last year. Sachin Bansal, along with former Flipkart Group CEO Binny Bansal, famously grew Flipkart from a two-bedroom apartment business to one of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s biggest e-retail giants. He reportedly sold his 5.5% stake for $1 billion in the sale Bansal had initially pumped in $21million which got him 70,588 series J preferred shares at a price of <a href="https://www.livemint.com/Companies/keHGGkLpfiI2WacfOCysCI/Sachin-Bansal-buys-stake-in-Bhavish-Aggarwals-Ola.html">₹21,250 per share.</a> The investment is said to be a part of Ola’s series J funding round. Ola could be raising <a href="https://yourstory.com/2019/01/ola-set-raise-2b-focus-evs-foodpanda-international-markets/">$2 billion</a> in the round. Ola's current investors include the likes of Tencent, Softbank, Hong Kong-based Sailing Capital among others. It is also reportedly looking at raising money from Singapore-based Temasek. However, with this investment, the valuation of the company stays the same at $5.7 billion. Bansal is reportedly putting in his own money, and not from the new $1 billion VC fund he is said to be raising. It will give Ola a financial heft in fighting its global rival Uber. Not just a cab company Ola, which has thus far focused on cab hailing, has been in a race to become India’s biggest startup and looking at venturing into other businesses. It has experimented with the Electric Vehicle market recently, bringing in <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/indian-ride-hailing-firm-ola-to-launch-10000-electric-vehicles-over-12-months/articleshow/63780448.cms">10,000</a> EV rickshaws on to Indian roads. Earlier in 2015, the company also tried its hand in food delivery with Ola Cafe. However, it had to shut down operations in just a year. Later in 2017, Ola acquired food delivery startup Foodpanda to stay in the game. Talks were also doing the rounds that Ola is also looking at entering the e-pharmacy segment with the acquisition of Bengaluru-based Myra Medicines. See Also: <a href="https://www.businessinsider.in/indias-two-startup-icons-switch-to-the-other-side-as-venture-capitalists/articleshow/67420444.cms">India’s two startup icons switch to the other side — as venture capitalists</a> <a href="https://www.businessinsider.in/indian-unicorn-flipkarts-board-approves-15-billion-deal-with-walmart/articleshow/64027810.cms">Indian unicorn Flipkart's board approves $15 billion deal with Walmart</a> <a href="https://www.businessinsider.in/how-flipkart-went-from-being-an-online-bookseller-to-indias-biggest-e-commerce-story/articleshow/64100266.cms">How Flipkart went from being an online bookseller to India’s biggest e-commerce story</a>

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Ola's talent acquisition head Shikharr Sood quits too

IANS

Ola buys another startup for Artificial Intelligence and Machine Learning solutions – beefing up for its fight with Uber

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Here’s how much buying and owning an electric scooter costs in India versus a petrol scooter

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Start-ups are low on cash, and talent acquisition is set to suffer a major deal because of this

BI India Bureau

Sachin Bansal is now a CEO again. Here’s a look at his investments since his Flipkart exit

Sanchita Dash

Watch out Uber. Sachin Bansal gets Ola share after selling Flipkart

Sanchita Dash

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