Ola Cabs CEO Hemant Bakshi resigns; company to cut 10% jobs amid restructuring

Ola Cabs CEO Hemant Bakshi has resigned from his position just after four months of joining the firm, reported Moneycontrol. This comes even as the company is planning a restructuring exercise that will affect at least 10% of the employees.

Layoffs by Ola Cabs

As per Moneycontrol, Bakshi's resignation comes into effect immediately. He had joined the ride-hailing firm in January to take care of day-to-day operations.

"With this restructuring, certain roles within the organization will be rendered redundant and could impact as much as 10% of the workforce," a source told Moneycontrol.

The report also quoted a person with the knowledge of the matter and said that Bakshi will be moving out of Ola to pursue interests and opportunities outside of the company. Bhavish Aggarwal will now be taking over the day-to-day operations.

"Ola Cabs’ CEO Hemant Bakshi would be moving out of Ola to pursue interests and opportunities outside of the company... (Bhavish) Aggarwal will be looking after day-to-day operations and there will be a new appointment soon," the source added.

This comes weeks after Ola Cabs initiated preliminary discussions with investment banks for an IPO. In the last one month, the firm has appointed Kartik Gupta as the CFO and Sidharth Shakdher as the CBO.

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