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Ola Cabs CEO Hemant Bakshi steps down; company to reduce workforce by 10 per cent

Hemant Bakshi, who was appointed as the CEO of Ola Cabs, resigned after four months of service in the company. The news has further triggered a workforce restructuring which will be affecting 10 per cent of employees. Bakshi's departure comes amidst challenges for the ride-hailing platform.

Edited By: Saumya Nigam @snigam04 New Delhi Published on: April 29, 2024 18:42 IST
Ola Cabs
Image Source : OLA CABS Ola Cabs

Ola Cabs- a Ride-hailing platform is said to have gone through a rough time as Hemant Bakshi, the CEO resigned from his position. Bakshi has reportedly resigned from his position just after four months of serving the company. The source further says that the cab service-providing company is also expected to go for a team restructuring process which will impact at least 10 per cent of its workforce.

It was back in January, that 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.

Recently, Ola announced making history by initiating cab operations at the Maharishi Valmiki International Airport in Ayodhya. This made Ola the first cab service to come to Ayodhya Airport, and it’s a commitment towards expanding its services to emerging cultural and tourist destinations across India.

The revolutionary announcement was made via LinkedIn by Bhavish Aggarwal (founder) about the commencement of operations at the airport. 

He further highlighted the dedication of the company to provide a seamless travel experience to its customers and establish a dedicated pickup zone where the staff will be available round the clock to assist travellers.

Also, Ola Electric - which is the largest electric scooter manufacturer in the country announced the reduction in the price of its most affordable variant by 12.5 per cent, aiming at stimulating sales following the government's subsidy reduction.

Inputs from IANS



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