Ola Cabs CEO Hemant Bakshi resigns in just three months, company plans to fire 200 employees: Report

Hemant Bakshi, the CEO of Ola Cabs, a subsidiary of ANI Technologies, has reportedly resigned just three months after he joined the company to manage day-to-day operations.

According to multiple media reports, the Bhavish Aggarwal-led company also plans to undertake a restructuring exercise that will affect at least 10% of its workforce or around 200 employees.

The reports said that Bakshi's departure is effective immediately as he opts to explore new opportunities outside the company.

Restructuring and impact

The restructuring will render certain roles within the organization redundant, directly impacting around 10% of the team. The organizational shift aims to streamline operations and improve efficiency within the company as it prepares for future business challenges.

Bhavish Aggarwal to oversee operations

Following Bakshi's departure, Bhavish Aggarwal, the founder of Ola, will oversee the day-to-day operations until a new appointment is made. The interim arrangement is expected to maintain stability within the company during this transition phase, the report said.

Ola Cabs' IPO plans

Last week, it was reported that Ola Cabs plans to submit its IPO papers for approval to the SEBI within the next three months. The company aims to raise $500 million through its IPO at a valuation of around $5 billion, Reuters previously reported.

Ola Cabs recently appointed Kartik Gupta as CFO and Sidharth Shakdher as CBO, bolstering its executive team. 

Additionally, the company's financial performance has shown significant improvement. It reported revenue of Rs 2,135 crore in FY23, marking a 58% increase from the previous fiscal year and achieving a positive EBITDA of Rs 250 crore.