Hemant Bakshi resigns as CEO of Ola Cabs

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Hemant Bakshi resigns as CEO of Ola Cabs
Hemant Bakshi resigns as CEO of Ola Cabs

Ola Electric is awaiting the regulator’s approval after submitting draft documents for an initial public offering (IPO) to Sebi in December.

Three months after joining the ride-hailing company, Hemant Bakshi, the CEO of Ola Cabs, is departing, according to sources with knowledge.

According to additional sources, the corporation is planning a restructure that will result in a minimum of a 10% reduction in team size, affecting around 200 people.

This occurs as the company gets ready to submit draft listing documents within the following three months. Ola Electric is awaiting the regulator’s approval after submitting draft documents for an initial public offering (IPO) to Sebi in December.

Bhavish Agarwal, the founder of Ola Cabs, is still the company’s chairman and managing director.

The parent company of the ride-hailing service, ANI Technologies, reported in January that it had become profitable in the fiscal year that ended on March 31, 2023, based on profits before interest, taxes, depreciation, and amortization (Ebitda).

Former HUL executive Bakshi stated that the independent ride-hailing company reported an EBITDA of Rs 250 crore in FY23 as opposed to an EBITDA-level loss of Rs 66 crore the year before. During that time, revenue increased by 58% to Rs 2,135 crore, he stated in January.

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