Ride-hailing major Ola Cabs’ chief executive Hemant Bakshi is leaving the firm just three months after he joined the company, people in the know told ET.
The firm will also undertake a restructuring that will see at least 10% of the team size getting reduced impacting about 200 employees, sources added. The restructuring comes as the firm is preparing to file draft listing papers in the next three months. Ola Electric has already filed its draft IPO papers with Sebi in December and is waiting for the regulator’s nod.
Ola Cabs founder Bhavish Agarwal continues to be the chairman and managing director.
In January, Bakshi had said ANI Technologies–parent of the cab hailing business–had turned profitable based on earnings before interest, taxes, depreciation and amortisation (Ebitda) in the fiscal year ended March 31, 2023.
Bakshi–a former HUL executive–has said the standalone ride-hailing business posted Ebitda of INR 250 crore compared to an Ebitda-level loss of INR 66 crore in the preceding fiscal year. Revenue grew 58% to INR 2,135 crore in FY23, he had said in January.
