Tech3 | IPO-bound Ola Cabs CEO quits; It's Ghar Waapsi for SaaS firms; and more

One quick thing: Peak XV and Temasek-backed Fi is the latest fintech to get NBFC licence

In today’s newsletter:

• IPO-bound Ola Cabs CEO quits
• NSE >> Nasdaq for Indian SaaS firms
• Chip Jobs in India: The 99% Cheaper Plan

IPO-bound Ola Cabs CEO quits

A lot is happening inside Ola's ride-hailing business and it seems like Hemant Bakshi's stint as Ola Cabs CEO was as short as it takes to make Maggi.

Driving the news: Hemant Bakshi, the CEO of Ola Cabs has quit barely four months into the job. This comes as the firm undertakes a restructuring exercise aimed at improving profitability.

• The company is also planning to lay off at least 10% of the staff or about 180-200 people as part of this exercise.?

"We have made substantial investments in the areas of AI & Technology which has led to significant cost advantages...certain roles within the company will get redundant" wrote Bhavish Aggarwal, co-founder and managing director of Ola Cabs in an internal email to employees.

Ola’s mobility business became EBITDA profitable for the first time in FY23. It reported a positive EBITDA of Rs 250 crore on revenues of Rs 2,135 crore during the fiscal.

Significant! Why?

The development comes just a few weeks after Ola Cabs initiated preliminary discussions with investment banks for an IPO, on the heels of its EV biz also gearing up for a public market debut.

• In the past month, Ola Cabs has also hired top executives such as Kartik Gupta as the CFO (ex-P&G), and Sidharth Shakdher as the CBO (ex-Hotstar).

Recently, Ola Cabs shut down its international operations in some countries amid rising competition, the governments' fleet electrification targets, and the firm's overall shift towards the Indian market.

P.S. Remember the time when Hemant Bakshi revealed that he moonlights as a cab driver by the night?

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