CEO’s exit: Another bump in Ola's ride?

2 weeks ago 9

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Livemint 1 min read 29 Apr 2024, 11:56 PM IST

The concern precocious initiated talks with concern banks for an archetypal nationalist offering, truthful a CEO departure astatine this constituent sticks retired arsenic odd.

Summary

IPO-bound Ola Cabs saw its main Hemant Bakshi resign aft hardly 4 months successful the post. What’s up? Going-electric jitters? Its way volition beryllium nether watch.

The main enforcement serviceman of Ola Cabs, Hemant Bakshi, is reported to person resigned aft hardly spending 4 months successful the position. The institution is besides acceptable for restructuring, which whitethorn pb to a 10% unit reduction. As apical absorption exits often are, the back-story of his exit is shrouded successful mystery. But investors indispensable surely wonderment what’s going on.

The concern precocious initiated talks with concern banks for an archetypal nationalist offering, truthful a CEO departure astatine this constituent sticks retired arsenic odd. Signs of the going having got bumpy for Ola person been around. Earlier this month, it withdrew from overseas ride-hailing markets similar the UK and Australia to absorption connected electrical mobility. In ride-hailing, it faces vigor from all-electric BluSmart astatine the precocious end. At the little end, the likes of Namma Yatri, which boasts of charging nary commission, connection it stiff rivalry.

It’s financials look okay, though. In 2022-23, Ola’s mobility concern turned profitable for the archetypal time. Has the ownership’s electrical conveyance (EV) ambitions stolen attraction distant from the cab business? Its way from present connected volition beryllium tracked for an answer.

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