According to ET, Ambiga Subramanian has agreed to her ex-husband wearing the hat of CEO. In February Ambiga was appointed as CEO and in May the couple confirmed their divorce. The promoters at the time of divorce did give a statement that their personal matter will not affect the company. But recently the company went through lot of turns due to their personal disputes.
Ambiga sold her stake for an undisclosed amount to Dhiraj Rajaram, making him the majority ownership (51.6%) and CEO. Ambiga told media that “she is giving up her stake so that her ex-husband and fulfil his vision”.
Rajaram told media that “It would be incorrect to say there hasn’t been any impact on business. There have been distractions on the personal front that led to impact on the supply side of business”
With personal matters settled with the promoters, the data analytics company can now focus on Rajaram’s vision. Sequoia Capital, General Atlantic Partners, MasterCard and Fidelity are the major investors in the company. Mu Sigma was last estimated to be valued at $1.5 billion. Mu Sigma employees more than 4,000 staff and few senior employees leaving them should not affect the business. Ambiga has agreed for an 18 month hold to start a company similar to Mu Sigma. Read more news on Indian startups.
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