Business

Ola Cabs CEO Hemant Bakshi Resigns, Company Set to Lay Off 10% Staff: Report

Hemant Bakshi, the CEO of Ola Cabs, resigned from his role barely four months after joining the company, citing sources with knowledge of the reorganization process that may result in at least 10% of jobs being lost, according to the report. The ride-hailing company hired Hemant Bakshi in January, and according to a report, an unidentified insider stated, “With this restructuring, certain roles within the organization will be rendered redundant and could impact as much as 10% of the workforce.”

Another stated that Hemant Bakshi, the CEO of Ola Cabs, will be leaving the firm to seek opportunities and interests outside of Ola, according to the report. Aggarwal will be attended to, and a fresh appointment is scheduled for shortly.

What changes are happening at Ola Cabs?

This occurred just a few weeks after it was revealed that Ola Cabs had started the first conversations about an IPO with investment banks. Ola Cabs has appointed several new personnel in the last month, including Sidharth Shakdher as the CBO and Kartik Gupta as the CFO (formerly of P&G) (ex-Hotstar).

Ola Cabs shuts down international operations.

The business has discontinued operations abroad in a few nations. The statement from earlier stated, “We’ve reevaluated our objectives and have chosen to close down our international ride-hailing company in the UK, Australia, and New Zealand. We are still incredibly enthusiastic and committed to helping one billion Indians.

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How are Ola Cab’s finances?

Ola’s Mobility division brought around ₹2,135 crore in revenue in FY23, a roughly 58% increase. After revealing an EBITDA loss of ₹66 crore in FY22, the company recorded positive EBITDA for the first time, totaling ₹250 crore.