Infosys’ Rajiv Bansal is Ola’s new Chief Financial Officer

India’s number one app-only cab service, Ola, has roped in Infosys veteran Rajiv Bansal as its chief financial officer.

Mitesh Shah, who is currently the CFO at Ola, will now lead strategic finance initiatives.

"Rajiv's understanding and expertise in the finance domain is extremely valuable for us at this juncture of growth," said Bhavish Aggarwal, cofounder and CEO, Ola.

The race between two taxi aggregators, Ola and Uber, is getting interesting and full of sharp turns.

The valuation of Ola, which is the number one app-only taxi booking company in India, has increased now. After the recent $500 million, or Rs 3,300 crore fundraise, Ola is now a $5 billion firm.

This funding round was important for Ola, whose value was $2.5 billion in April, to overpower Uber.

Ola is penetrating into Indian market like never before and has operations in over 100 cities, getting most of the revenue from 20 cities including Delhi, Mumbai and Bengaluru.

Among others, one of the major investors of Ola was China's biggest taxi aggregator Didi Kuaidi, which is looking to dethrone Uber globally.

"As we pursue our mission to build mobility for a billion people, we are excited about bringing onboard partners who can help us get there faster. We will continue to build for the local market through innovative solution," cofounder and chief executive Bhavish Aggarwal had said.

Meanwhile, Uber, which is world's most valuable startup with an estimated worth of about $50 billion, is closing in the gap and is also said to invest $1 billion in India.

Both, Ola and Uber, have nearly 2,50,000 drivers in India.