SUMMARY
Ola Cabs laid off the employees in line with its IPO plans. The restructuring exercise impacted employees across departments, Inc42 has learnt
Earlier this month, it was reported that the Bhavish Aggarwal-led startup has restarted its preparations for a $500 Mn IPO
Aggarwal will look after the day-to-day operations of the startup following the exit of Bakshi
Bhavish Aggarwal-led ride hailing major ola
Cabs has fired around 10% of its workforce, or about 200 employees, in a restructuring exercise, while its CEO Hemant Bakshi has quit the startup within months of joining, sources told Inc42.
“The layoffs were in line with the company’s IPO plans and impacted employees across departments,” one of the sources said.
The development was first reported by Moneycontrol.
Earlier this month, it was reported that the startup has restarted preparations for its initial public offering (IPO) and was looking to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) within three months for a $500 Mn IPO.
Meanwhile, the sources said that Aggarwal will look after the day-to-day operations of the startup following the exit of Bakshi. He will also continue to serve as the chairman and managing director of Ola Cabs.
Before joining Ola Cabs, Bakshi had a 15 year stint with FMCG major Unilever. The startup announced Bakshi’s appointment in January this year.
