Another Top-Level Exit At Ola: Now, CFO Karthik Gupta Resigns Within Seven Months

As ride-hailing major Ola Cabs gears up for its initial public offering (IPO), Karthik Gupta, the chief financial officer of its parent entity ANI Technologies, has resigned from his position, joining a growing list of high-level exits at the Bengaluru-based firm. 

Gupta’s departure is a part of the wider restructuring exercise undertaken by the company to strengthen its cost structures, focus on growth and increase its bottom line, Moneycontrol reported, citing a company spokesperson.

A graduate of IIM-Lucknow, Gupta joined Ola in November last year and handled the firm’s financial strategy, top/bottom-line growth, cost optimisation and vendor negotiations, tax and treasury management and investor relations, according to his LinkedIn profile.

Prior to joining Ola Cabs, Gupta held the position of vice president and regional CFO of Asia Pacific, Middle East and Africa at Procter & Gamble for over 17 years.

The departure comes just two weeks after Ola Cabs’ CEO Hemant Bakshi stepped down from his role, within four months of joining the firm.

As part of the restructuring exercise, the Bhavish Aggarwal-led company has laid off 10% of its staff, or about 200 employees, ahead of its IPO.

In an internal email to Ola employees, Aggarwal reportedly told staff that the firm is undergoing a restructuring initiative as it seeks to turn profitable.

Aggarwal stated that huge bets made by Ola Cabs on artificial intelligence (AI) and technology are paying off, adding that the company would continue to focus on such areas, making certain roles within the company “redundant”.

It was also reported earlier that co-founder Bhavish Aggarwal’s brother Ankush Aggarwal has returned to Ola Cabs as part of its CXO team following a brief stint at Ola Electric.

The top-level exits come at a time when Ola Cabs is gearing up for its public listing, with plans to raise $500 Mn through an IPO at a valuation of $5 Bn.

Media reports suggest Ola Cabs plans to file its draft red herring prospectus (DRHP) with markets regulator SEBI within three months.

In December, the firm’s sister company Ola Electric filed its DRHP with SEBI for an INR 5,500 Cr IPO, the first ever IPO by an electric vehicle maker in India. 

Ola Cabs parent ANI Technologies trimmed its consolidated net loss by almost half to INR 772.2 Cr in the fiscal year ended March 2023 (FY23), as compared to INR 1,522.3 Cr a year ago.