Ola To Layoff 10% Of Its Workforce: CEO Hemant Bakshi Quits
By: Geetanjali
CEO of Bangalore based online cab service platform Ola, Hemant Bakshi has exited the firm just after four months being appointed to the role. Former senior executive at Hindustan Unilever Limited (HUL), Bakshi joined the company in September last year after which in January, 2024 he was promoted to the role of Chief Executive Officer of ANI Technologies, parent company of Ola.
Heman Bakshi’s resignation can be coincided with a restructuring exercise that the company is set to follow, deducting 10% of the company employees that would impact around 200 employees.
As per the insider source “Hemant Bakshi had joined Ola last year in September last year (he was appointed CEO in January this year) and now wants to pursue other opportunities”.
After Bakshi’s resignation, Founder and Managing Director Ola, Bhavish Aggarwal will take over the operations as the interim CEO until any new appointment is made.
Bhavish Aggarwal, founder, chairman, and managing director, Ola, said in a letter,“Hemant (Bakshi) will be stepping down from his role as CEO to pursue opportunities outside the company. We extend our gratitude to Hemant for his contributions and wish him the best in his future endeavors”.
In the same letter Aggarwal said, “These changes will result in certain roles within the company becoming redundant”. “We are committed to supporting those impacted during this transition period,” pointing towards the significant investment made by Ola in the latest AI and technology.
As per the sources restructuring exercise is a step towards the company’s upcoming initial public offering (IPO), the company is planning to a draft red herring prospectus with the Securities and Exchange Board of India (Sebi), and is looking forward to raising $500 million through the IPO, at an approximated valuation of $5 billion.
Recently, Ola has shut down its overseas operations in countries including UK, Australia, and New Zealand, to focus on the Indian market and expand its market especially in the electric vehicle (EV) segment.
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