The popular ride-hailing firm Ola Cabs has announced a big change in its leadership structure with the departure of CEO Hemant Bakshi, four months into his tenure. In a letter announcing the news, Ola's co-founder Bhavish Aggarwal told employees, as reported by IANS.
This is informed by his need to venture into opportunities that could extend beyond the company's confines. It sets the stage for Ola in a period of restructuring that will seek to tighten profitability even as it prepares the company for future growth.
The restructuring exercise announced in the letter by Aggarwal will have effects on about 10 percent of Ola's employees. Aggarwal emphasized innovation and investments in AI and technology that had generated massive cost efficiencies. These strategic areas will continue to be focal points as Ola's effort is to formulate cutting-edge products and services in its core business segments.
This came with the admission of some job roles in the company that will become redundant. He admitted this in his message to staff.
This is happening against the backdrop of Ola's recent discussions with investment banks about a possible IPO. The company's announcement on the withdrawal of its global operations, including the UK, Australia, and New Zealand, reflected its focus in tapping into the opportunities of the vast Indian market.
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