After CEO, Ola Cabs CFO Karthik Gupta resigns seven months after taking charge

Karthik Gupta, the Chief Financial Officer (CFO) of ANI Technologies, the parent company of Ola Cabs, has resigned after being for seven months in the role.

The move is part of a larger restructuring effort within the company, as confirmed by an Ola spokesperson.

"As part of an ongoing restructuring, Ola Mobility CFO Kartik Gupta has stepped down from the company. This restructuring is aimed at productivity enhancement in an AI-led era that is redefining the cab-hailing industry globally," the spokesperson said.

How does Gupta's exit fit into Ola's restructuring plans?

Gupta's departure is not an isolated incident. It follows the resignation of Ola Cabs' CEO, Hemant Bakshi, who left the company just two weeks prior.

The restructuring, according to the company, aims to enhance productivity, streamline cost structures, and focus on growth to increase the company's bottom line.

Bhavish Aggarwal, co-founder and managing director of Ola Cabs, highlighted in an internal email the company's substantial investments in AI and technology, which have led to significant cost advantages and redundancies in certain roles, according to media reports.

What was Gupta's role and background?

Karthik Gupta joined Ola Cabs seven months ago and was responsible for financial strategy, growth initiatives, regulatory compliance, tax management, treasury operations, and investor relations.

Prior to joining Ola, Gupta held a significant role at Procter & Gamble as the vice president and regional CFO for Asia Pacific, Middle East, and Africa, where he accumulated nearly two decades of experience in financial leadership.

What other changes are occurring at Ola?

The restructuring at Ola is also marked by other significant leadership changes. Alongside Gupta, Ankush Aggarwal, the brother of co-founder Bhavish Aggarwal, has been appointed as the CEO of Ola Financial Services.

Additionally, Ankush Aggarwal is now part of the senior leadership team at Ola Cabs. The exit comes as Ola is reportedly preparing for the IPO and has finalized book-running lead managers.

How well Ola is performing financially?

Ola Cabs reported a revenue of Rs 2,135 crore for FY23, a nearly 58% increase from the previous year.

For the first time, the company posted a positive EBITDA of Rs 250 crore, compared to a Rs 66 crore EBITDA loss in FY22.

ANI Technologies, Ola’s parent entity, reported a consolidated revenue of Rs 2,799 crore, up nearly 42% year-on-year, despite a reduction in revenue from Ola Fleet and Ola Financial Services.

As part of its strategic focus on the Indian market, Ola recently shut down its international operations in countries such as the UK, Australia, and New Zealand.