Hemant Bakshi, the Unilever exec who joined Ola Cabs as CEO quits after four months

Hemant Bakshi, who led Ola Cabs as chief executive officer, has reportedly resigned. The announcement comes just a few weeks after Ola Cabs initiated preliminary discussions with investment banks for an IPO, stated a Moneycontrol report. Quoting sources, the report stated that the firm is also to undertake a restructuring exercise that will affect at least 10 percent of the staff.

Bakshi joined Ola from Unilever in January 2024. He began his career at Unilever and held various roles including his last role as vice president - Unilever marketplace and chairman - Unilever Indonesia.

When he joined Ola, Bakshi emphasised the value of first-hand experience and even drove his car around the city at night, moonlighting as an OLA cab driver. During a media briefing on January 25, Bakshi stated that he offered the ride-hailing service at night to gain firsthand experience and better understanding of customer requirements.

Ola has also made senior level appointments recently including roping in Kartik Gupta as the CFO and Sidharth Shakdher as the CBO.

Ola Cabs' sister company, Ola Electric, has filed its draft red herring prospectus with the market regulator in December to raise around Rs 7,250 crores via an IPO, the first attempt at public listing by an Indian electric vehicle firm.

Read More: Unilever’s Hemant Bakshi joins Ola as chief executive officer