After CEO, Ola CFO Kartik Gupta steps down

Kartik Gupta, chief financial officer (CFO) of Ola’s parent ANI Technologies, has quit after seven months of joining the ride-hailing company. This comes amid restructuring at the company ahead of its initial public offering (IPO).

Confirming the development to Entrackr, an Ola spokesperson said, “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 added that the restructuring will allow the company to strengthen cost structures, focus on growth and increase its bottom line.

For FY23, Ola claims to have generated a revenue of Rs 1,987 crore. During the period, it reported a positive EBITDA of Rs 250 crore and posted profit before tax of Rs 171 crore.

Last month, Ola’s chief executive officer Hemant Bakshi quit only after three months of joining the firm.

Meanwhile, it appointed Ankush Aggarwal as the CEO of Ola Financial Services. Ankush, who is brother of Bhavish Aggarwal, will also be a part of the senior leadership (CXOs) of Ola Cabs. Previously, he served as chief business officer (CBO) of Ola Electric.

In the interim, Ola’s founder Bhavish is expected to lead the day-to-day operations of the company.

To prioritize growth and profitability, Ola also shut its services in international markets such as the UK, Australia and New Zealand. ​​ The firm is reportedly preparing itself for the IPO and has finalized book running lead managers.

Earlier this year, Ola Cabs also faced a valuation mark down by its investor Vanguard which reduced the company’s worth to less than $2 billion. This was the third consecutive haircut in the firm’s valuation by Vanguard since February 2023. At peak, Ola was valued at around $7.3 billion in 2021.