in

Ola Cabs CFO Karthik Gupta is stepping down seven months after taking charge

News

Karthik Gupta, Chief Financial Officer (CFO) of ANI Technologies, the parent company of Ola Cabs, has resigned from his position. The decision comes close on the heels of the exit of Ola Cabs CEO Hemant Bakshi, indicating a significant shake-up in the company’s top management.

Gupta’s exit, which comes just seven months after assuming the role of CFO, underlines a period of transition and restructuring within Ola Cabs. According to sources familiar with the matter, Gupta’s resignation is in line with an ongoing restructuring effort aimed at increasing productivity in an era dominated by artificial intelligence (AI) that is reshaping the global taxi industry.

An Ola spokesperson confirmed Gupta’s departure and highlighted the company’s strategic focus on strengthening cost structures, driving growth and strengthening its bottom line through a restructuring process. Joining Ola Cabs with extensive experience, Gupta was responsible for financial strategy, growth initiatives, compliance, tax administration, treasury operations and investor relations.

Prior to his time at Ola, Gupta spent nearly 17 years as Vice President and Regional CFO for Asia Pacific, Middle East and Africa at Procter and Gamble, bringing a wealth of financial knowledge to his role at Ola.

The departure of key executives such as Gupta and Bakshi comes amid a wider restructuring of Ola Cabs that is expected to impact at least 10 percent of the company’s workforce. The restructuring, as outlined by Ola co-founder Bhavish Aggarwal, is aimed at aligning the organization with its strategic priorities, particularly in the wake of its upcoming initial public offering (IPO) plans.

Recommended Article
Flipkart Considers HQ Shift to India Ahead of IPO: Report

Founded in 2010, Ola Cabs has received significant backing from major investors such as SoftBank and Tiger Global. The company’s recent focus on the Indian market, evidenced by the exit of international operations in selected countries, underscores the strategic key to consolidating its presence and capitalizing on domestic opportunities.

Despite the challenges posed by intense competition and an evolving regulatory environment, Ola’s Mobility division posted promising financial results in FY23 with substantial revenue growth and positive EBITDA – a testament to the company’s resilience and adaptability.

Follow Startup Story

What do you think?

Deja una respuesta

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

GIPHY App Key not set. Please check settings

How to Add Subtitles to YouTube Videos (2024 AI Tool)

JAN MOIR: Damian Hurley’s new film isn’t terrible, it’s not terrible, it’s not bad – it’s worse than all the others