Ola founder Bhavish Aggarwal / Image credit: Timmy Loen
Ola Cabs is looking to cut about 180 of its workforce – or 10% of its total – as part of a restructuring effort that would also mark CEO Hemant Bakshi‘s exit from the India-based firm just a few months into his term.
Aggarwal will take over Bakshi’s daily tasks and retain his chairman and managing director roles.
Notably, the ride-hailing firm is working toward a US$500 million financial debut. Ahead of the listing, Ola exited from the UK, New Zealand, and Australia to focus on its home market.
For the financial year ending March 2023, Ola recorded sales of US$337.1 million and a loss of US$93 million. Its ride-hailing segment reduced its losses by 65% year on year to US$130.3 million.
The company is also expanding its reach to newer business lines. Earlier this year, it launched Krutrim AI, which debuted its own large language model.
See also: Ola rides on acquisitions for success, but will this work for its AI play?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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