Hemant Bakshi has been appointed as the new Chief Executive Officer (CEO) of Ola. Bakshi, who was previously the Vice President (VP) of the marketplace and chairperson of Unilever Indonesia, joined Ola earlier this year.

According to reports, the company's new CEO will help streamline operations. Bhavish Aggarwal, the current CEO of Ola, will now give way to Bakshi.

Hemant Bakshi, the new CEO of Ola, oversaw sales growth in Indonesia during his time at Unilever. He joined Ola and moved back to India about four months ago.

The company posted a revenue of Rs 2,800 crore in the fiscal year 2022-23, while managing to cut its losses by almost 50 per cent.

Ola's revenue grew by 42 per cent to Rs 2,799 crore in FY23, compared to Rs 1,970 crore in FY22, according to the audited financial results available on the company's website. The company recorded a loss of Rs 772 crore in FY23, down from Rs 1,522 crore in FY22.

Inputs from IANS, edited with AI assistance.