Exit season at Ola: After CEO, CFO resigns months after taking charge

livemint.com:

Mint had reported. The developments come amid liquidity concerns, prompted by challenges with Aggarwal's flagship business, Ola Electric, which has struggled to garner adequate investor interest for a listing before the ongoing Lok Sabha elections. “As part of an ongoing restructuring, Ola Mobility CFO Kartik Gupta has stepped down.

This restructuring is aimed at productivity enhancement in an AI-led era that is redefining the cab-hailing industry, globally. The restructuring will allow Ola to strengthen cost structures, focus on growth and increase its bottom line," the company said in a statement. According to people in the know, Bakshi had joined the company in September 2023, but a formal announcement was made only in in January, the Mint report said.

Aggarwal has informed employees via email that the Bengaluru-based firm plans to lay off 10% of its staff as part of a larger restructuring initiative. The move, expected to impact nearly 200 employees, is aimed at enhancing profitability, preparing the company for its "next phase of growth," Aggarwal added. Also Read: ‘Will be sharing some actions…’: Ola CEO Bhavish Aggarwal criticizes LinkedIn for deleting his post second time In April, Ola shut down its ride-hailing operations in New Zealand, Australia and the UK, to sharpen its focus on expanding its electric fleet in India.

In April, Ola shut down its ride-hailing operations in New Zealand, Australia and the UK, to enhance focus on expanding its electric fleet in India. Now, the company is planning a $500-million public market listing, which is likely to value Ola Cabs at $5 billion, according to a Reuters report. The company aims to achieve profitability for two quarters before filing its drat papers for the