CFO Karthik Gupta of Ola Cabs Steps Down Seven Months into Tenure

By Ritwik Ghosh,Kolkata India

CFO Karthik Gupta of Ola Cabs Steps Down Seven Months into Tenure

Karthik Gupta, the Chief Financial Officer of ANI Technologies, the parent conglomerate of Ola Cabs, has tendered his resignation after a brief stint of seven months. This move forms a part of a comprehensive overhaul within the organization, as corroborated by an Ola representative.

“As a segment of our ongoing reorganization, Ola Mobility CFO Karthik Gupta has abdicated his position. This reorganization seeks to amplify productivity in an AI-driven epoch, fundamentally transforming the global cab-hailing landscape,” stated the spokesperson.

The Implications of Gupta’s Exit on Ola’s Restructuring Blueprint

Gupta’s departure isn’t an isolated occurrence. It succeeds the resignation of Ola Cabs’ CEO, Hemant Bakshi, who vacated his post merely a fortnight earlier. The restructuring initiative, as articulated by the company, is designed to bolster productivity, optimize cost structures, and concentrate on growth to elevate the company’s profitability.

In an internal communique, Bhavish Aggarwal, co-founder and managing director of Ola Cabs, underscored the company’s substantial investments in artificial intelligence and technological advancements. These investments have culminated in significant cost efficiencies and the redundancy of certain roles, as per media reports.

Gupta’s Role and Preceding Experience

Karthik Gupta, who affiliated with Ola Cabs seven months ago, was entrusted with the stewardship of financial strategy, growth imperatives, regulatory adherence, tax management, treasury operations, and investor relations. Before his tenure at Ola, Gupta held a pivotal role at Procter & Gamble as the vice president and regional CFO for Asia Pacific, the Middle East, and Africa, amassing nearly two decades of expertise in financial leadership.

Additional Leadership Dynamics at Ola

The restructuring at Ola is also characterized by other notable leadership shifts. Alongside Gupta, Ankush Aggarwal, the sibling of co-founder Bhavish Aggarwal, has ascended to the position of CEO of Ola Financial Services. Moreover, Ankush Aggarwal has now been integrated into the senior leadership echelon at Ola Cabs. These changes coincide with Ola’s preparations for an initial public offering (IPO) and the appointment of book-running lead managers.

Ola’s Financial Trajectory

For the fiscal year 2023, Ola Cabs reported revenues amounting to Rs 2,135 crore, marking an approximate 58% surge from the preceding year. For the first instance, the company recorded a positive EBITDA of Rs 250 crore, contrasting with a Rs 66 crore EBITDA deficit in FY22. ANI Technologies, the parent entity of Ola, reported a consolidated revenue of Rs 2,799 crore, reflecting a nearly 42% year-on-year increase, despite a decline in revenue from Ola Fleet and Ola Financial Services.

As part of its strategic orientation towards the Indian market, Ola has recently terminated its international operations in countries such as the UK, Australia, and New Zealand.


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