Ola Cabs CEO Hemant Bakshi Resigns Amidst Company Restructuring and IPO Preparations


Business Desk, Delhi Magazine: Hemant Bakshi, the CEO of Ola Cabs, has announced his resignation just four months after joining the online cab service company in January. This move comes amidst Ola’s plans for significant restructuring that could impact up to 10 percent of its workforce, according to sources close to the matter.

The timing of Bakshi’s departure coincides with Ola’s efforts to streamline its operations and prepare for its upcoming Initial Public Offering (IPO). Discussions have commenced with investment banks regarding the potential IPO launch. Ola’s recent appointments, including Kartik Gupta as Chief Financial Officer (CFO) and Siddharth Shakdhar as Chief Business Officer (CBO), signal a strategic shift within the organization.

Ola’s subsidiary, Ola Electric, has already taken steps towards its own IPO, having filed its draft red herring prospectus in December with the intention of raising approximately Rs 7,250 crore. This marks a significant milestone as the first Indian electric vehicle firm to pursue public listing.

You would also like to read: Top Electric two wheelers in India.

Despite challenges in certain sectors like Ola Fleet and Ola Financial Services, Ola’s parent company, ANI Technologies, reported a robust year-on-year revenue increase of nearly 42 percent, reaching Rs 2,799 crore. This financial growth underscores the company’s resilience and strategic direction amidst ongoing industry changes.

Delhi Magazine Team

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