To start his own venture, business head of Ola, Rushil Goel, has resigned from his duties and responsibilities. He had a year-long stint with the Bengaluru based company and was heading all initiatives at Ola Money.
Ola started its dedicated mobile payments app, Ola Money, in November aiming to take on the likes of Paytm, Freecharge and other companies. The company also ventured into new businesses like grocery delivery via Ola Store, online food delivery via Ola Cafe and added autos and buses to its platform.
However, in a recent move, the company has decided to shut Ola Store and Ola Cafe to focus on its main transportation business.
In the online wallet segment, Ola is competing with Paytm, Sanpdeal-owned Freecharge, Oxigen, Mobikwik and Citrus Pay. Higher transaction rates and relatively cheaper customer acquisition costs have been the key reasons behind major e-commerce companies laying a bet on this space.