- Ola Cabs, a prominent ride-hailing company, is set to reduce its workforce by 10% in a restructuring move.
- The departure of CEO Hemant Bakshi, who joined earlier this year, adds to the company’s shake-up.
- Ola Electric CEO Bhavish Aggarwal will oversee daily operations until a new CEO is appointed.
In a bid to streamline operations and cut costs, Ola Cabs is making significant changes. Alongside a planned workforce reduction of around 10%, the company is undergoing a leadership transition with the departure of CEO Hemant Bakshi. Bhavish Aggarwal, CEO of Ola Electric, will temporarily handle day-to-day operations.
This restructuring comes amidst discussions about Ola Cabs’ potential IPO, indicating a strategic move to strengthen its position in the market. However, the company’s decision to downsize follows a recent trend in the Indian startup scene, with Healthify, a Bengaluru-based healthtech startup, also announcing layoffs as part of a restructuring exercise. As Ola aims to navigate challenges and focus on key priorities, including potential global expansions, these changes reflect its efforts to adapt and thrive in a competitive landscape.
