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Ola has let go its chief executive director , Hemant Bakshi , merely four month after appointing him to the post , and is cutting about 180 extra jobs , a informant conversant with the matter recite TechCrunch .
The move from the Indian ride - hailing startup is purport at “ improving profitableness , ” its founder and chairwoman , Bhavish Aggarwal , told employee in an e-mail on Monday that was seen by TechCrunch .
The party is undergo a “ restructuring exercise ” to gear up for its “ next phase of growth , ” Aggarwal , pictured above , wrote in the electronic mail .
The move comes in the wake of Olaceasing its process in the U.K. , Australia and New Zealandearlier this month . Bakshi , a former administrator at FMCG giant Hindustan Unilever , was appointed as Ola ’s chief executive in January this yr .
Ola , which vie with Uber in India and counts SoftBank and Tiger Global among its backer , is take care to do an initial public offering afterwards this year after the planned public debut of Ola Electric , a startup that was spin out of Ola . Both startups were founded by Aggarwal , who has since also founded the AI startup Krutrim , whichbecame a unicorn in January . Ola Electric isseeking to lift more than $ 650 millionin its IPO , according to paperwork file away by the house .
Here ’s Aggarwal ’s Monday electronic mail to staff in its integrality :
Dear All ,
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In line with our vision to serve 1 Billion Indians , and our commitment to ram sustainable ontogeny and enhance efficiency across the organisation , we are undergoing a restructuring exercise aimed at better gainfulness and prepare ourselves for the next phase of development .
We have made substantial investments in areas of AI & Technology which has led to significant cost advantages and we will continue to focalize on these areas to insure that we build up cutting edge products and service of process across our business vertical .
These changes will result in sure roles within the company becoming superfluous . This decision was not made lightly , and we are committed to supporting those impacted during this transition period .
Hemant will be maltreat down from his role as chief operating officer to pursue opportunity outside the company . We extend our gratitude to Hemant for his contributions and wish him the best in his succeeding endeavors .
I am very confident of the warm leadership team which we have build up over the last few years at Ola Consumer , who bring in a lot of experience and expertise to their respective roles . They will collaborate closely with me to ride technology - led ontogeny .
We are committed to transparentness and open communication throughout this process . Our 60 minutes squad would be available to handle any queries or concerns you may have .
Thank you for your unwavering dedication and commitment to Ola .
Best , Bhavish
