Ola Cabs: Ola Cabs CEO Hemant Bakshi resigns, reports claim – 200 people can be employed

Ola Cabs CEO Hemant Bakshi has resigned from his post just four months after his joining. According to media reports, the company is considering its restructuring, under which layoff of more than 10 percent of its employees is also possible.

According to the news, Bakshi’s resignation has come into effect with immediate effect. Bakshi joined the company in January. The reports quoted sources as saying that due to the restructuring in the company, some roles will be eliminated and due to this 10% of the workforce i.e. around 200 people may have to face layoffs.

Let us tell you that in December, the company’s subsidiary Ola Electric had submitted the proposal (DRHP) for its IPO to the market regulator SEBI. The company wants to raise Rs 7,250 crore through this IP. It is an Indian electric vehicle (EV) company.

Founded in 2010, Ola Cabs is backed by major investors like SoftBank and Tiger Global. Ola Cabs has also recently decided to shut down its international operations in select countries.