New Delhi: Hemant Bakshi, the CEO of Ola Cabs, has stepped down from his position just three months after starting. This comes as Ola plans to make changes that will affect about 10% of its workers. The company has been talking about going public with investment banks recently.
Bakshi’s leaving means Bhavish Aggarwal, one of Ola’s founders, will take over daily operations until they find a new CEO. Aggarwal explained in a message to staff that while Ola has invested a lot in AI and technology, some jobs are no longer needed because of it.
Ola has also hired new people for important roles, such as Kartik Gupta as CFO and Sidharth Shakdher as CBO. Ola Electric, another company under the same group, wants to raise money through an IPO for its electric vehicle projects.
Started in 2010 with support from big investors like SoftBank and Tiger Global, Ola is now focusing more on the Indian market. They’ve stopped operations in some other countries because of tough competition and government rules about using electric cars.
Despite challenges, Ola’s ride-hailing business saw more money coming in during the last financial year, and they even made a profit for the first time. ANI Technologies, Ola’s parent company, also made more money overall, even though some parts of the business didn’t do as well.
