OLX India CEO Amit Kumar Resigns

CarTrade-owned online classifieds platform OLX India’s Amit Kumar has resigned from his role as managing director and chief executive officer after seven years for “better opportunities”.

“… we wish to inform that Amit Kumar, managing director and CEO of subsidiary company has tendered his resignation from the directorship and his position, effective January 31, 2025,” the company said in a statement.

This resignation marks the end of Kumar’s seven-year long stint at OLX. In 2017, he joined OLX Group as the vice president and later got promoted to the position of CEO for OLX’s Auto business in India. In 2022, he was elevated to the position of CEO for OLX India Group.

Before joining OLX, Kumar worked with notable companies like Snapdeal, Jabong.com, Times Internet among others.

It is pertinent to note that, last year, OLX’s parent company was acquired by CarTrade in an INR 535.54 Cr deal. Under this acquisition, the listed startup acquired 100% stake in Sobek Auto India Private Limited, consisting of the OLX classifieds platform and OLX Autos C2B transaction business.

However, just months after the acquisition, CarTrade shut down OLX’s auto sales division amid unit economics challenges. Later, CarTrade’s Q3 financials for FY24 showed a net loss of INR 23.5 Cr during the quarter, due to loss in OLX’s auto sales business arm.

Founded in 2009 by Vinay Sanghi and Rajan Mehra, CarTrade sells vehicles across all types. Besides OLX India, it counts brands like CarWale, BikeWale, CarTradeExchange, Shriram Automall, Adroit Auto, and Autobiz under its umbrella and sells technology solutions for OEMs and dealers.

Last month, private equity firm Warburg Pincus exited CarTrade by selling its entire 8.64% stake in the auto marketplace for INR 375.1 Cr.

Talking on the recent financial developments, CarTrade recorded a 509% year-on-year jump in its consolidated net profit to INR 30.72 Cr in the Q2 of FY25 from INR 5.04 Cr in the year-ago period.