BackExit season at Ola: Ola Cabs CFO Karthik Gupta steps down
Gupta's departure comes merely six months after assuming office, closely following Ola Cabs' chief executive Hemant Bakshi's resignation last month
PremiumBhavish Aggarwal-led ANI Technologies on Thursday said Karthik Gupta has stepped down as chief financial officer of Ola Cabs and Ola Financial Services (Ola Mobility).
Gupta’s exit, which comes merely six months after assuming office, follows the resignation of Hemant Bakshi, who quit as Ola Cabs CEO last month, less than a year after he joined the ride-hailing firm.
The exits come at a time Ola Cabs and Ola Electric are planning to list on the bourses.
Resignation part of ongoing restructuring
“As part of an ongoing restructuring, Ola Mobility CFO Kartik Gupta has stepped down. This restructuring is aimed at productivity enhancement in an AI-led era that is redefining the cab-hailing industry, globally. The restructuring will allow Ola to strengthen cost structures, focus on growth and increase its bottom line," the company said in a statement.
Bakshi had joined the company in September 2023, but a formal announcement was made only in January, Mint reported earlier.
On 29 April, Aggarwal wrote to employees that the Bengaluru-based firm plans to lay off 10% of its staff as part of a larger restructuring initiative. The move, expected to impact nearly 200 employees, is aimed at enhancing profitability, preparing the company for its “next phase of growth", Aggarwal had said.
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In April, Ola shut down its ride-hailing operations in New Zealand, Australia and the UK, to sharpen its focus on expanding its electric fleet in India. Now, the company is planning a $500-million public market listing, which is likely to value Ola Cabs at $5 billion, a Reuters report said.
The company aims to achieve profitability for two quarters before filing its drat papers for IPO, a person aware of the matter said, seeking anonymity.
In March, Mint reported that Ola Electric was nearing the signing of anchor investors for its IPO, marking a first in India’s EV space.
The company has touted its modern battery technology, under development, as the unique selling proposition (USP) during its road shows.
Singapore-based Eastspring, a subsidiary of Prudential Plc, and UK-based Pictet have shown interest to come on board as anchor investors.
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