Ola Cabs CEO Hemant Bakshi resigns, company plans to lay off 10% employees: Report

Hemant Bakshi, serving as the CEO of Ola Cabs, the ride-hailing platform of ANI Technologies, has stepped down from his position after just four months. This decision comes amidst reports of an impending restructuring initiative within the company, expected to impact at least 10% of the workforce, according to a Moneycontrol report.

Bakshi's resignation has come with immediate effect. He had joined the company in January.

"With this restructuring, certain roles within the organisation will be rendered redundant and could impact as much as 10 percent of the workforce," as mentioned in the report.

"Ola Cabs’ CEO Hemant Bakshi would be moving out of Ola to pursue interests and opportunities outside of the company... (Bhavesh) Aggarwal will be looking after day-to-day operations and there will be a new appointment soon," a source informed Moneycontrol.

In a recent move, Ola Cabs decided to close down its international operations in certain countries. This decision was influenced by increased competition, government targets for fleet electrification, and the company's strategic focus on the Indian market.