Ola Cabs CEO Hemant Bakshi steps down, firm announces job cuts
Ride-hailing platform Ola Cabs CEO, Hemant Bakshi, has stepped down from his position, just four months after taking the job, the company said on Monday.
IANS
Apr 29, 2024 10:10
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New Delhi, April 29 (IANS) Ride-hailing platform Ola Cabs CEO, Hemant Bakshi, has stepped down from his position, just four months after taking the job, the company said on Monday.
The company informed about the development in a letter to employees shared by Ola's founder Bhavish Aggarwal, and seen by IANS.
Bakshi stepped down from his role as CEO to pursue opportunities outside the company.
In the letter, the founder also informed about the restructuring exercise which will be aimed at improving profitability and preparing the company for the next phase of growth.
As per sources, the restructuring process will impact at least 10 per cent of its workforce.
"We have made substantial investments in areas of AI & Technology which has led to significant cost advantages and we will continue to focus on these areas to ensure that we build cutting edge products and services across our business verticals," Aggarwal wrote.
"These changes will result in certain roles within the company becoming redundant," he added.
The development comes just a few weeks after Ola Cabs began preliminary discussions with investment banks for an Initial Public Offering (IPO). Earlier this month, Ola announced it was shutting down all its existing global markets, namely the UK, Australia and New Zealand amid rising competition. It said that it will be focusing on the Indian market as it sees an "immense opportunity for expansion" in the country.
