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

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.

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.