Ola Cabs layoffs: Company to cut 10% staff, CEO Hemant Bakshi quits

Ola Cabs CEO Hemant Bakshi quit from his position just four months after taking the job while the firm is undertaking a restructuring exercise that could result in at least 10 per cent job cuts, Moneycontrol reported citing people in the know. Hemant Bakshi joined the ride-hailing firm in January and an unnamed source said as per the report, “With this restructuring, certain roles within the organization will be rendered redundant and could impact as much as 10% of the workforce.”

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While another said as per the report, “Ola Cabs’ CEO Hemant Bakshi would be moving out of Ola to pursue interests and opportunities outside of the company...Aggarwal will be looking after and there will be a new appointment soon.”

What changes are happening at Ola Cabs?

This comes just a few weeks after Ola Cabs initiated preliminary discussions with investment banks for an IPO, it was reported. In the past one month, Ola Cabs has made many new appointments including Kartik Gupta as the CFO (ex P&G) and Sidharth Shakdher as the CBO (ex Hotstar).

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Ola Cabs shut international operations

The company has shut down its international operations in a few countries. It earlier said, “We’ve reassessed our priorities and have decided to shut down our overseas ride-hailing business in its current form in the UK, Australia and New Zealand. We remain very excited and focused on our mission to serve 1 Billion Indians.” 

How are Ola Cabs financials?

Ola's Mobility business in FY23 registered a revenue of ₹2,135 crore which was up nearly 58 per cent. The firm reported a positive EBITDA of ₹250 crore for the first time after reporting ₹66 crore of EBITDA loss in FY22.