Ola Cabs CEO Hemant Bakshi has quit just four months after joining the company. The development comes at a time when the company is planning a restructuring exercise that will see around 10 per cent reduction in its workforce, impacting around 200 employees.

Sources said that Mr Bakshi’s resignation comes into effect immediately, and the day-to-day operations of the company will now be overseen by co-founder Bhavish Aggarwal.

In a letter to employees, Mr Aggarwal, who is also the chairman and managing director of the ride-sharing company, said that Mr Bakshi would pursue opportunities outside the company.

Ola Cabs is also preparing to file a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an IPO. Group company Ola Electric had already filed its DRHP in December and plans to raise around Rs 7,250 crore through an IPO. This will be the first attempt at public listing by a domestic electric vehicle company.

Valued at $7.3 billion in 2021, Ola Cabs counts marquee investors such as Temasek, Tiger Global and Warburg Pincus among its backers.

Recently, it shut down its international operations in markets like the UK, Australia and New Zealand.

Ola’s mobility business in FY23 reported revenue of Rs 2,135 crore, up nearly 58 per cent, and for the first time, the company had reported positive EBITDA of Rs 250 crore after reporting Rs 66 crore of EBITDA loss in FY22.

ANI Technologies, the parent entity of Ola Fleet, Ola Financial Services and Ola Stores, had reported consolidated revenue of Rs 2,799 crore, up nearly 42 per cent year on year despite a reduction in revenues from Ola Fleet and Ola Financial Service.