Hemant Bakshi, who was recently appointed as the CEO of Ola Cabs, has resigned from his position just three months after his appointment. Additionally, the ride-hailing company is planning to lay off 200 employees, which is roughly 10% of its workforce, as part of a restructuring exercise. However, Ola Cabs has promised to support affected employees during the transition period. According to reports, Bhavish Aggarwal, the founder of Ola, will take back control of the company.
Ola Cabs has been striving to improve its profits for some time now. Earlier this month, the company decided to shut down its operations in Britain, Australia, and New Zealand, where it had launched its services in 2018. The reason for this closure was that the company wanted to focus on making its domestic business more profitable before going public.
Reports suggest that Ola Cabs plans to expand its business in India and is keen on leveraging the potential for growth in the electric vehicle industry. It is worth noting that Ola’s sister company, Ola Electric, which manufactures electric scooters, is already gearing up for an initial public offering and is waiting for clearance from the Securities and Exchange Board of India (SEBI). Ola Electric is looking to raise Rs 5,500 crore by issuing shares.
