Ola Cab’s CFO Kartik Gupta is quitting after seven months in the role

Kartik Gupta, the Chief Financial Officer (CFO) of ANI Technologies, the parent company of taxi service Ola Cabs, has resigned, according to sources. Gupta’s resignation comes two weeks after Ola Cabs’ CEO Hemant Bakshi resigned.

“As part of an ongoing restructuring, Ola Mobility CFO Kartik Gupta has stepped down from the company. This restructuring aims to improve productivity in an AI-led era that is redefining the taxi industry worldwide. The restructuring will enable Ola to strengthen cost structures, focus on growth and enhance its bottom line,” an Ola spokesperson confirmed. “In FY2023, Ola generated revenues of Rs 1,987 crore. During the same period, Ola reported a positive EBITDA of Rs 250 crore and achieved profitability – a pre-tax profit of Rs 171 crore.”

An alumnus of IIT Bombay and IIM Lucknow, Gupta joined Ola Cabs seven months ago. He was responsible for financial strategy, sales and profit growth, cost optimization, supplier negotiations, tax and treasury management and investor relations.

Before joining Ola, Gupta spent over 17 years as vice president and regional CFO for Asia Pacific, Middle East and Africa at Procter and Gamble.

Ola Cabs, which is going public, is witnessing exits at the senior level. Hemant Bakshi, CEO of ANI Technologies, the parent company of taxi service Ola Cabs, recently resigned after four months in the role. The departure of Bakshi, a former Unilever executive, coincides with a restructuring at the company that will affect at least 10 percent of its 1,800 employees, sources said.

Ola recently moved founder Bhavish Aggarwal’s brother Ankush Aggarwal back to cab company Ola Cabs as part of its senior leadership or CXO team. The other team members included Gupta and Chief Business Officer Sidharth Shakdher.

Ola Cabs is planning an initial public offering (IPO) to raise $500 million, valuing the company at around $5 billion. According to sources, the company plans to file the necessary paperwork with the Securities and Exchange Board of India within the next three months.

Bhavish Aggarwal, Founder, Chairman and Managing Director of Ola, said in a letter to employees that in line with the company’s vision to serve a billion Indians and drive sustainable growth and efficiency across the organization, is undergoing restructuring. to improve profitability.

Recently, Ola Cabs decided to exit all its international markets including the UK, Australia and New Zealand and focus on the Indian market and expanding its electric vehicle (EV) fleet. The ride-hailing business is said to be growing rapidly in India, where it is profitable and segment leaders. Ola Cabs has been active in these international markets since 2018.

Earlier this year, Ola announced that its Indian mobility business achieved positive EBITDA (earnings before interest, taxes, depreciation and amortization) in fiscal 2023, making it one of the few Indian internet companies to achieve this feat.

First print: May 16, 2024 | 9:23 pm IST