Ola CEO resigns from the post: Hemant Bakshi had joined in January itself, left the company amid preparations for IPO

Hemant Bakshi, Chief Executive Officer (CEO) of shared mobility company Ola has resigned from his post. He joined the company in January this year. Hemant Bakshi’s resignation has come at a time when the company is preparing to start its restructuring process. This will affect 10% of the company’s employees. Money Control has given this information quoting its sources. According to the report, now the owner of the company Bhavish Aggarwal will look after it and a new appointment will be made soon. Earlier, the company had stopped its mobility service in UK, Australia and New Zealand. Ola is preparing to launch an IPO. Earlier it was reported that the company is doing its valuation to launch an IPO. For this, discussions have started with banks. The company has also made several new appointments in the last one month, including the appointment of Kartik Gupta as Chief Finance Officer (CFO) and Siddharth Shakdher as Chief Business Officer (CBO). Earlier, the firm’s subsidiary, Ola Electric, had filed a draft with SEBI in December 2023 and had said that it plans to launch an IPO of around Rs 7,250 crore. Bhavish Aggarwal started Ola in 2010. The founder of Ola is Bhavish Aggarwal. He studied B.Tech from IIT Bombay in 2008. After college, worked at Microsoft Research for two years. After this he started an online website Olatrip.com which used to plan holiday packages and weekend trips. One day Bhavish booked a taxi from Bangalore to Bandipur. On the way, the taxi driver asked to pay more fare. When Bhavish refused, the driver left him midway. This problem clicked an idea for him. He realized that crores of people must be facing such a problem. Bhavish decided to convert his travel website into a cab service. He shared this idea with Ankit Bhati of IIT Bombay. Together they launched Ola Cabs on 3 December 2010.

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