Hemant Bakshi, CEO of Ola Cabs, has quit just four months after joining the company. The development comes at a time when the firm is planning a restructuring exercise that will see around 10% reduction in its workforce, impacting around 200 employees.
Sources said that Bakshi’s resignation comes into effect immediately and the day-to-day operations of the firm will now be overseen by co-founder Bhavish Aggarwal.
In a letter to employees, chairman and managing director Aggarwal said that Bakshi will pursue opportunities outside the company.
Ola Cabs is also preparing to file a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) for an IPO. Group firm Ola Electric has already filed its DRHP in December and plans to raise around `7,250 crore through an IPO. This will be the first attempt at public listing by a domestic electric vehicle firm.
Valued at $7.3 billion in 2021, Ola Cabs counts marquee investors such as Temasek, Tiger Global and Warburg Pincus among its backers.
Recently, it shut down its international operations in markets like the UK, Australia and New Zealand.
Ola’s Mobility business in FY23 reported a revenue of Rs 2,135 crore, up nearly 58%, and for the first time, the firm reported a positive Ebitda of `250 crore after reporting `66 crore of Ebitda loss in FY22.
ANI Technologies, the parent entity of Ola Fleet, Ola Financial Services and Ola Stores, reported a consolidated revenue of `2,799 crore, up nearly 42% year-on-year despite a reduction in revenues from Ola Fleet and Ola Financial Service.
