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Ola Cabs CFO Karthik Gupta Steps Down Seven Months After Taking Charge

• ByStartupStory     |    May 17, 2024

Karthik Gupta, the Chief Financial Officer (CFO) of ANI Technologies, the parent company of Ola Cabs, has stepped down from his position. This decision follows closely on the heels of Ola Cabs’ CEO, Hemant Bakshi’s departure, indicating a significant shake-up within the company’s top leadership.

Gupta’s departure, occurring just seven months after assuming the role of CFO, underscores a period of transition and restructuring within Ola Cabs. According to sources familiar with the matter, Gupta’s resignation aligns with an ongoing restructuring effort aimed at enhancing productivity in an era dominated by artificial intelligence (AI), which is reshaping the global cab-hailing industry.

Confirming Gupta’s departure, an Ola spokesperson highlighted the company’s strategic focus on strengthening cost structures, fostering growth, and bolstering its bottom line through the restructuring process. Gupta, who joined Ola Cabs with extensive experience, had responsibilities spanning financial strategy, growth initiatives, regulatory compliance, tax management, treasury operations, and investor relations.

Prior to his tenure at Ola, Gupta served as the vice president and regional CFO for Asia Pacific, Middle East, and Africa at Procter and Gamble for nearly 17 years, bringing a wealth of financial expertise to his role at Ola.

The departure of key executives like Gupta and Bakshi comes amidst a broader restructuring exercise within Ola Cabs, anticipated to impact at least 10 percent of the company’s workforce. This restructuring, as outlined by Ola’s co-founder Bhavish Aggarwal, aims to align the organization with its strategic priorities, particularly in the wake of impending initial public offering (IPO) plans.

Ola Cabs, founded in 2010, has garnered significant backing from prominent investors such as SoftBank and Tiger Global. The company’s recent focus on its Indian market, evidenced by the cessation of international operations in select countries, underscores a strategic pivot towards consolidating its presence and capitalizing on domestic opportunities.

Despite the challenges posed by intense competition and evolving regulatory landscapes, Ola’s Mobility business reported promising financial results in FY23, with a substantial revenue increase and the attainment of positive EBITDA—a testament to the company’s resilience and adaptability.

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