Ola reduces its workforce, CEO resigns.
Ola reduces its workforce, CEO resigns.
Ola, the ride-hailing company, has announced a reduction in its workforce, leading to the resignation of its CEO. This decision comes as part of a restructuring effort aimed at optimizing operations and ensuring long-term sustainability. The departure of the CEO underscores significant changes within the organization, highlighting the company's commitment to adapt to evolving market dynamics and streamline its business operations.

Ola Cabs plans to reduce its workforce by approximately 180 employees, which accounts for 10% of its total workforce. The restructuring effort will also entail the departure of CEO Hemant Bakshi from the India-based company, just a few months after assuming the role.

Bakshi departed the company following disagreements over team-building strategies for the upcoming fiscal year, as reported by The Arc.

According to the report, Bakshi advocated for an operations-driven approach to expand Ola's business, while founder Bhavish Aggarwal advocated for a technology-centric focus.

Aggarwal will assume Bakshi's daily responsibilities while retaining his role as chairman and managing director.

Significantly, the ride-hailing company is preparing for a $500 million financial debut. Prior to the listing, Ola withdrew from operations in the UK, New Zealand, and Australia to concentrate on its domestic market.

In the fiscal year ending March 2023, Ola reported sales of $337.1 million and a loss of $93 million. The ride-hailing segment managed to decrease its losses by 65% year-on-year to $130.3 million.

Additionally, the company is diversifying into new business areas. Earlier this year, it introduced KrutriAI, unveiling its own large language model.

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