In a major development, Ola Cabs CEO Hemant Bakshi resigned from the post just three months after he was appointed to the top post of the company. Apart from Hemant Bakshi, it is said that at least 10 percent of the company's workforce will be laid off. As per reports, Ola is planning to undertake a restructuring exercise that will affect at least 10 percent of the staff. Hemant Bakshi, whose resignation comes into effect immediately, had joined the ride-hailing firm in January to take care of day-to-day operations. Now, the question arises who is Hemant Bakshi, former CEO of Ola Cabs CEO.
Who is Hemant Bakshi?
Hailing from Bengaluru, Karnataka, Hemant Bakshi will be pursuing his interests away from the company. A Spokesperson was quoted saying, "Ola Cabs’ CEO Hemant Bakshi would be moving out of Ola to pursue interests and opportunities outside of the company...Aggarwal will be looking after and there will be a new appointment soon.”
Ola Cabs started preliminary discussions with investment banks for an IPO. In the past one month, Ola Cabs has made many new appointments including Kartik Gupta as the CFO (ex P&G) and Sidharth Shakdher as the CBO (ex Hotstar).
A new CEO of Ola Cabs will soon be appointed, multiple reports suggested. As per reports, Ola's Mobility business in FY23 registered a revenue of Rs 2,135 crore which was up nearly 58 percent. The firm reported a positive EBITDA of Rs 250 crore for the first time after reporting ₹66 crore of EBITDA loss in FY22.