Amit Kumar resigns as MD and CEO of OLX India

CarTrade Tech Limited has announced the resignation of Amit Kumar from his role as Managing Director and chief executive officer of Sobek Auto India Private Limited, an unlisted, wholly owned material subsidiary company also known as OLX India.

According to the company’s official disclosure to the BSE and NSE, Kumar will step down effective January 31, 2025, to pursue new opportunities.

The leadership transition will be overseen by OLX India’s Chairman, Vinay Sanghi, along with the company's leadership team.

“It has been a great experience in the last year and a half transitioning OLX India from the previous investors to the Car trade group. I do believe that now we have reached our destination of stabilizing the company with the car trade philosophy and principles ingrained into OLX India's DNA. In this journey, we reached our mission of making OLX India a profitable business…” said Kumar in an email to the CarTrade Group members.

Kumar joined OLX Group in 2017 and was elevated to the position of MD and CEO in early 2024. In July 2023, automobile classifieds portal CarTrade acquired OLX India’s auto business in a deal worth Rs 537 crore ($64 million).

The development has come on the heels of CarTrade group’s Q2 results. The company’s consolidated revenue from operations increased by 28% year-on-year to Rs 154.2 crore from Rs 120.01 crore. Its profit after tax (PAT) also soared by more than 509% to Rs 30.72 crore in Q2 FY25 from Rs 5.04 crore in Q2 FY24.