Indian taxi giant Ola is cutting 180 jobs to boost profitability

Ola has fired its CEO Hemant Bakshi just four months after the appointment and is cutting around 180 additional jobs, a source familiar with the matter told JS. The Indian ride-hailing startup's move is aimed at “improving profitability,” founder and chairman Bhavish Aggarwal told employees on Monday in an email reviewed by JS.

The Bengaluru-headquartered startup, which counts SoftBank and Tiger Global among its backers, is undergoing a “restructuring exercise” to prepare for its “next phase of growth,” Aggarwal, pictured above, wrote in the email.

The move follows Ola shutting down operations in Britain, Australia and New Zealand earlier this month. Bakshi, a former HUL executive, was appointed CEO of Ola in January this year.

Ola, which competes with Uber in India, wants to go public later this year, after the planned public debut of Ola Electric, a startup that emerged from the taxi company. Both startups were founded by Aggarwal, who has also founded AI startup Krutrim, which became a unicorn in January. Ola Electric is looking to raise more than $650 million through its IPO, according to paperwork filed by the company.

You can read Aggarwal's Monday email to staff in its entirety below.

Dear All,

In line with our vision to serve 1 billion Indians, and our commitment to drive sustainable growth and improve efficiencies across the organization, we are undergoing a restructuring aimed at improving profitability and preparing for the next growth phase.

We have made substantial investments in AI and technology, which has led to significant cost benefits, and we will continue to focus on these areas to ensure we develop cutting-edge products and services across our business verticals.

These changes will result in certain functions within the company becoming redundant. This decision has not been taken lightly and we are committed to supporting those affected during this transition period.

Hemant will step down from his role as CEO to pursue opportunities outside the company. We thank Hemant for his contributions and wish him the best in his future endeavors.

I have great confidence in the strong leadership team we have built at Ola Consumer over the years who bring a lot of experience and expertise to their respective roles. They will work closely with me to drive technology-led growth.

We strive for transparency and open communication throughout this process. Our HR team is ready to answer any questions or concerns you may have.

Thank you for your continued dedication and commitment to Ola.

Best,
Bhavis

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