Now there will be massive retrenchment in OLA, CEO of the company also resigned - Newztezz Online

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Monday, April 29, 2024

Now there will be massive retrenchment in OLA, CEO of the company also resigned


Ola Cabs CEO Hemant Bakshi has resigned from his post just four months after joining. Now the news is coming that the company is also considering restructuring, in which there is a possibility of laying off more than 10 percent of the employees. According to the report, Bakshi's resignation has come with immediate effect. He joined the company in January.

Employees may be punished

The report also says that the company has started preparing the layoff list. This development is linked to Ola Electric's filing of draft papers for initial public offering (IPO) with SEBI in December, as the company is set to submit draft listing documents within the next three months. The company is currently waiting for approval from the regulator.

Company is bringing IPO

In December, the firm's subsidiary Ola Electric had submitted its draft red herring prospectus to market regulator SEBI, aiming to raise about Rs 7,250 crore through an IPO. This will be the first IPO of an Indian electric vehicle (EV) company. Bakshi had said in January that ANI Technologies, the parent company of the ride-hailing business, has achieved P on an earnings before interest, tax, depreciation and amortization (EBITDA) basis for the financial year ending March 31, 2023.

Joined selected companies

Founded in 2010, Ola Cabs soon received backing from major investors like SoftBank and Tiger Global. Internally, the company was recently engaged in restructuring efforts with the appointment of Hemant Bakshi as the new CEO. Then suddenly the CEO himself resigned. In the race to meet the government orders and the ongoing demand for EVs in the Indian market, Ola Cabs has joined the companies of select countries which are working on a large scale to bring revolution in EVs.

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