Ola Cabs CEO Hemant Bakshi resigns, firm plans to cut 10 per cent jobs

New Delhi, April 29 Ride-hailing platform Ola Cabs CEO, Hemant Bakshi, has resigned from his position just four months after taking the job, according to sources.

The company is also expected to undergo a restructuring process that will impact at least 10 per cent of its workforce.

In January, the parent company of Ola, ANI Technologies appointed Bakshi, a former executive at Unilever, as the new CEO to take care of the day-to-day operations of the company.

As per the sources, the company's founder Bhavish Aggarwal will take over until a new CEO is recruited.

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.

Last year, Ola laid off around 200 workers from its Ola Cabs, Ola Electric, and Ola Financial Services verticals as part of the "restructuring" exercise.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor