Ola Cabs CEO Hemant Bakshi resigns; company to layoff 200 employees

Ola Cabs chief executive Hemant Bakshi is leaving just three months after he joined the ride-hailing firm, people in the know told ET.
The company will also undertake a restructuring that will see at least a 10% reduction in the team size, impacting about 200 employees, sources added.

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This comes as the firm is preparing to file draft listing papers in the next three months. Ola Electric has already filed draft papers for an initial public offering (IPO) with Sebi in December and is awaiting the regulator’s nod.

Ola Cabs founder Bhavish Agarwal continues to be the chairman and managing director.

In January, Bakshi had said ANI Technologies – the parent of the cab hailing business – had turned profitable on an earnings before interest, taxes, depreciation and amortisation (Ebitda) basis in the fiscal year ended March 31, 2023.

Bakshi – a former HUL executive – has said the standalone ride-hailing business posted an Ebitda of Rs 250 crore in FY23 compared to an Ebitda-level loss of Rs 66 crore in the preceding fiscal year. Revenue grew 58% to Rs 2,135 crore during the period, he had said in January.