Hemant Bakshi, CEO of Ola Cabs, has resigned just four months after his appointment, as the company undergoes a restructuring that may lead to at least a 10% reduction in workforce, according to a report sources familiar with the matter. Bakshi joined the ride-hailing company in January, and the restructuring could render certain roles unnecessary, impacting 10% of the staff. Other sources suggested that Bakshi is leaving Ola Cabs to pursue interests and opportunities outside the company.
Bhavish Agarwal, the co-founder, will oversee the situation until a new CEO is appointed. This news comes shortly after Ola Cabs started initial discussions with investment banks regarding an IPO. In recent months, the company has made several new appointments, including Kartik Gupta as CFO, previously at P&G, and Siddharth Shakdhar as CBO, previously at Hotstar. Earlier this year, Ola Cabs closed its international operations in countries such as Australia and New Zealand.
The company stated that it reassessed its priorities and decided to shut down its overseas ride-hailing operations in the UK, Australia, and New Zealand. Ola's mobility business reported revenues of ₹2,135 crore in 2013, representing an increase of nearly 58%. For the first time, the company achieved a positive EBITDA of ₹250 crore, compared to an EBITDA loss of ₹66 crore in the previous fiscal year.
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