• Source:JND
Add as a preferred

Ola CEO Resign:  Hemant Bakshi, the CEO of Ola Cabs, resigned from his position just four months after being appointed, as the business undertakes a restructuring exercise that could result in at least a 10% reduction in positions, according to Moneycontrol, quoting people with knowledge of the situation.  Hemant Bakshi joined the ride-hailing company in January. The report suggested that with this restructuring, certain roles within the organization would become superfluous and could affect 10% of the workforce.

According to the report, other individuals stated that Ola Cabs CEO Hemant Bakshi is leaving Ola to pursue interests and opportunities outside of the firm…Agarwal will supervise it, and a new hire will be made soon.

Also Read: ICICI Bank Posts 18.5% Surge In Net Profit To Rs 11,672 Crore, Shares Jump 5%

It was reported that this occurred just weeks after Ola Cabs began preliminary talks with investment banks about an IPO. Ola Cabs has made several new appointments in the previous month, including Kartik Gupta as CFO, who previously worked at P&G, and Siddharth Shakdhar as CBO, who was employed at Hotstar.

Earlier this year, the company shut down its international operations in a few countries like Australia and New Zealand.  We have re-evaluated our priorities and have decided to shut down our overseas ride-hailing business in its present form in the UK, Australia, and New Zealand. We are very enthusiastic and focused on our mission of serving 1 billion Indians, the company said while shutting the international operation.

Ola’s mobility business recorded revenues of ₹2,135 crore in 2013, an increase of almost 58%. The company posted a positive EBITDA of ₹250 crore for the first time after reporting an EBITDA loss of ₹66 crore in FY2012.

Also Read: Stock Market Closing: Sensex, Nifty Surge Over 1% Today, Midcap, Smallcap Touch Record High

Also In News