Ola Cabs Layoff: CEO Hemant Bakshi Resigns, Company to Cut 10% Of Its Workforce

Hemant Bakshi, the CEO of Ola Cabs, the ride-hailing arm of ANI Technologies, has quit barely four months into the job even as the firm plans to undertake a restructuring exercise that will affect at least 10 percent of the staff, according to a Moneycontrol report. Bakshi, who assumed the CEO role in January, will immediately vacate his position, leaving the reins to company co-founder Bhavesh Aggarwal, who will oversee day-to-day operations until a new CEO is appointed.

The decision to realign the company's structure emerges at a crucial juncture, shortly after Ola Cabs initiated preliminary discussions with investment banks regarding a potential Initial Public Offering (IPO). In recent times, Ola Cabs has undergone a series of leadership changes, appointing Kartik Gupta as Chief Financial Officer (CFO) and Sidharth Shakdher as Chief Business Officer (CBO).

Additionally, Ola Electric submitted its draft red herring prospectus to the market regulator in December, aiming to raise approximately Rs 7,250 crore through an IPO, marking a significant milestone as the first Indian electric vehicle firm to pursue a public listing. Established in 2010, Ola Cabs garnered early support from prominent investors such as SoftBank and Tiger Global. Meanwhile, ANI Technologies, the parent entity of Ola Cabs, comprising Ola Fleet, Ola Financial Services, and Ola Stores, reported consolidated revenue of Rs 2,799 crore for FY23.