The company informed about the development in a letter to employees shared by Ola founder Bhavish Aggarwal and seen by IANS.
Bakshi left his role as CEO to pursue opportunities outside the company.
In the letter, the founder also gave details about the restructuring exercise that will aim to improve profitability and prepare the company for the next phase of growth.
According to sources, the restructuring process will impact at least 10 percent of the workforce.
Aggarwal wrote, "We have made substantial investments in the areas of AI and technology, which have led to significant cost benefits and we will continue to focus on these areas to ensure that we build cutting-edge products and services across our business areas." Can do."
"Some roles within the company will become redundant as a result of these changes," he said.
The development comes just weeks after Ola Cabs began preliminary discussions with investment banks for an initial public offering (IPO). Earlier this month, Ola announced that it was closing all its existing global markets such as the UK, Australia and New Zealand amid increasing competition. It said it would focus on the Indian market as it sees "huge expansion opportunity" in the country.
Bakshi left his role as CEO to pursue opportunities outside the company.
In the letter, the founder also gave details about the restructuring exercise that will aim to improve profitability and prepare the company for the next phase of growth.
According to sources, the restructuring process will impact at least 10 percent of the workforce.
Aggarwal wrote, "We have made substantial investments in the areas of AI and technology, which have led to significant cost benefits and we will continue to focus on these areas to ensure that we build cutting-edge products and services across our business areas." Can do."
"Some roles within the company will become redundant as a result of these changes," he said.
The development comes just weeks after Ola Cabs began preliminary discussions with investment banks for an initial public offering (IPO). Earlier this month, Ola announced that it was closing all its existing global markets such as the UK, Australia and New Zealand amid increasing competition. It said it would focus on the Indian market as it sees "huge expansion opportunity" in the country.
