Ola Cabs’ Chief Executive Officer Hemant Bakshi is leaving the company in just four months after he joined the ride-hailing firm.

Ola is also undertaking a restructuring bid that will see nearly 20 per cent downsizing in the team, which will be impacting nearly 250 employees. This comes at a time when the company is looking to file its initial public offer (IPO) papers.

Also read: Ola Electric rolls out lower prices of S1 X range to challenge Ather’s Rizta

“Hemant will be stepping down from his role as CEO to pursue opportunities outside the company. We extend our gratitude to Hemant for his contributions and wish him the best in his future endeavors,” said the company in its statement.

“We have made substantial investments in areas of AI and technology which has led to significant cost advantages and we will continue to focus on these areas to ensure that we build cutting-edge products and services across our business verticals. These changes will result in certain roles within the company becoming redundant. This decision was not made lightly and we are committed to supporting those impacted during this transition period,” the statement added.

FY23 Performance

In January, Bakshi had said ANI Technologies, parent of the Ola Cab, had turned profitable on earnings before interest, taxes, depreciation and amortisation (Ebitda) basis in the fiscal year ended March 31, 2023.

Ola’s India mobility business reported a standalone Ebitda profit of ₹250 crore in FY23 compared with a loss of ₹66 crore in FY22. The company’s revenue grew 58 per cent to ₹2,135 crore in FY23 from ₹1,350 crore in FY22.

Bhavish Aggarwal continues to be the Chairman and Managing Director of ANI Technologies. Ola Electric, the EV arm, has filed draft papers for an IPO with SEBI in December and is awaiting its the nod.

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