Hemant Bakshi, who was appointed chief executive officer, Ola Cabs, quite recently, has resigned just about three months post the announcement of his appointment. That is not all; as part of a restructuring exercise, the ride-hailing firm will also be letting go 200 employees, that is, about 10 per cent of its workforce. The ride-hailing firm has assured of support to the impacted employees through the transition. ,
Bhavish Aggarwal, founder, Ola, will again resume control, say media reports.
Ola Cabs has been endeavouring to improve profits for some time now. Earlier this month, the company had wound up operations in Britain, Australia and New Zealand where it had launched services in 2018. As far as the reason for closure of the business in these countries is concerned, the company had stated that it wished to concentrate on making its domestic business more profitable before the initial public offering.
As per reports, Ola Cabs wishes to leverage the opportunity for expansion available in India. It realises that the future of mobility lies in electric vehicles, and is clearly re-examining its priorities.
It is pertinent to mention here that the sister firm of Ola Cabs, that is, Ola Electric, is already progressing towards an initial public offering, and is only awaiting the nod from the Securities and Exchange Board of India (SEBI). Ola Electric, which manufactures electric scooters, is looking to raise funds to the tune of Rs 5,500 crore by issuing shares.
