Ola Cabs CFO Karthik Gupta Steps Down After 7 Months as CEO

Karthik Gupta, who served as the Chief Financial Officer (CFO) of ANI Technologies, the parent company of Ola Cabs, has resigned after seven months in the position. An Ola spokesperson confirmed that his departure is part of a broader company restructuring.

“As we continue our ongoing restructuring, Ola Mobility CFO Kartik Gupta has stepped down. This initiative is designed to boost productivity in an AI-driven era that’s transforming the global cab-hailing industry,” the spokesperson explained.

Related: Paytm’S Bhavesh Gupta Steps Down as COO and President

Gupta’s departure isn’t an isolated case. It comes just two weeks after Ola Cabs’ CEO, Hemant Bakshi, also resigned. The company says this restructuring is designed to boost productivity, cut costs, and drive growth, ultimately improving their financial performance. In an internal email, Bhavish Aggarwal, co-founder and managing director of Ola Cabs, emphasized the company’s large investments in AI and technology. According to media reports, these investments have provided significant cost savings and led to redundancies in some positions.

Ola is undergoing a major leadership shake-up. In addition to Gupta’s new role, Ankush Aggarwal, co-founder Bhavish Aggarwal’s brother, has been named CEO of Ola Financial Services. Ankush Aggarwal has also joined the senior leadership team at Ola Cabs. These changes come as Ola gears up for its IPO, having already selected the lead managers for the process.

Seven months ago, Karthik Gupta became a part of Ola Cabs, where he took charge of financial strategy, growth plans, regulatory compliance, tax management, treasury operations, and investor relations.

Before joining Ola, Gupta played a key role at Procter & Gamble as Vice President and Regional CFO for Asia Pacific, the Middle East, and Africa. During his nearly 20-year tenure, he gained extensive experience in financial leadership.

Ola Cabs reported a revenue of ₹2,135 crore for the fiscal year 2023, marking an impressive 58% growth from the previous year. For the first time ever, the company achieved a positive EBITDA of ₹250 crore, a significant turnaround from the ₹66 crore EBITDA loss in FY22. ANI Technologies, Ola’s parent company, saw a consolidated revenue of ₹2,799 crore, an increase of nearly 42% year-on-year, despite a decline in earnings from Ola Fleet and Ola Financial Services. In a strategic move to concentrate on the Indian market, Ola recently ceased its operations in international markets including the UK, Australia, and New Zealand.

Ola Cabs is undergoing a major restructuring, marked by the departures of its CFO Karthik Gupta and CEO Hemant Bakshi. This initiative aims to boost productivity, cut costs, and drive growth in the AI-driven cab-hailing industry. Ola has seen significant financial improvements, reporting 58% revenue growth and positive EBITDA for the first time. The company is also focusing on the Indian market after ceasing international operations. These changes coincide with Ola’s preparations for an upcoming IPO, as it continues to invest heavily in AI and technology to stay competitive.