Hemant Bakshi, CFO of Ola Cabs, has stepped down from his position barely four months after joining even as the firm is to undertake a restructuring exercise that will affect at least 10 per cent of the staff, as per the reports by Moneycontrol.
Bakshi, whose resignation from the ride hailing firm comes into effect immediately, had joined the company in January.
“With this restructuring, certain roles within the organization will be rendered redundant and could impact as much as 10 per cent of the workforce,” revealed a source to Moneycontrol.
Bakshi had joined the force to handle day-to-day operations.
The news of Bakshi’s resignment comes just a few weeks after Ola Cabs initiated preliminary discussions with investment banks for an IPO.
Ola Cabs has also made significant new appointments in the last one month including getting Kartik Gupta as the CFO and Sidharth Shakdher as the CBO.
The firm’s sister company, Ola Electric, has filed its draft red herring prospectus with the market regulator in December with aim of raising Rs 7,250 crores via IPO, which will mark the first attempt at public listing by an Indian electric vehicle firm.
According to a report from news agency Reuters, the cab service provider Ola Cabs is said to launch its Initial Public Offering (IPO) as soon as June-July. The report said that the Softbank-backed ride-hailing firm plans to raise $500 million at a valuation of nearly $5 billion.
