Ola Cabs CEO Hemant Bakshi has reportedly resigned, hardly four months after taking up the post. Multiple media reports also state that Ola is likely to lay off over 10 per cent of its employees as a part of company "restructuring".
The said "restructuring" strategy, which aims at the reduction of team sizes in the ridesharing company, will affect around 200 employees, reports said. Ola, however, is not new to the news of job cuts. In 2023, it laid off around 200 employees from Ola Cabs, Ola Electric, and Ola Financial Services verticals as part of another "restructuring" exercise.
It was in January 2024 that Hemant Bakshi was appointed Ola CEO by ANI Technologies, the parent company of the app, to take care of the day-to-day operations. There was no immediate information on why the former Unilever executive decided to step down from his responsibilities.
The announcement comes only weeks after Ola Cabs began discussions with investment banks for Initial Public Offering (IPO). Earlier this month the company announced the decision to shut down all its existing global markets, namely the UK, Australia and New Zealand amid rising competition, IANS said in a report.
Ola Cabs founder Bhavish Agarwal resumes as the chairman and managing director of the company. It is reported that he will take over until a new full-time CEO is hired.
