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Ola Cabs CEO Hemant Bakshi quits, firm to lay off 10-15% staff

April 29, 2024 23:45 IST

Ride-hailing company Ola Mobility CEO Hemant Bakshi has resigned from the company within four months of joining it, according to sources privy to the development.

Ola

Photograph: Anindito Mukherjee/Reuters

Sources also said that the company is planning to lay off 10-15 per cent employees.

"Hemant Bakshi has resigned from the company with immediate effect.

 

"Ola Cabs division might lay off 10-15 per cent employees," a source said.

Bakshi had joined the company in January, 2024.

Another source said the company had around 900 people in the Ola Cabs division in January and the lay-off might impact 90-140 people.

When contacted, Ola declined to offer any comment on the information.

Ola Mobility, the ride-hailing division, had reported a narrowing of loss to Rs 1,082.56 crore in financial year 2023. It had a loss of Rs 3,082.42 crore in fiscal year 2021-22.

The total accumulated loss of ANI Technologies, Ola Mobility's parent firm, at the group level increased to Rs 20,223.45 crore, and on a standalone basis, it stood at Rs 19,649.27 crore as of March 31, 2023.

The company has received a total funding of about Rs 31,441 crore as of January 2024.

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