Kartik Gupta, chief financial officer (CFO) of ride-hailing major Ola Cabs, has exited the firm, just over two weeks after chief executive Hemant Bakshi stepped down.
His exit is part of an ongoing restructuring at Ola Mobility, a company spokesperson told ET. “The restructuring will allow Ola to strengthen cost structures, focus on growth and increase its bottom line,” the person said.
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Gupta had joined the firm in November last year after nearly 18 years at fast-moving consumer goods (FMCG) giant Procter & Gamble in Dubai. This roughly coincided with Bakshi’s tenure, which had started in September last year, and who had also joined from another FMCG major Unilever.
Bakshi’s resignation was preceded by the firm’s exit from all of its international markets — the UK, Australia and New Zealand — in April. Ola Cabs has also laid off around 200 employees.
After Bakshi’s exit, founder Bhavish Aggarwal has taken over the reins at Ola Cabs and is focused on turning the firm profitable, with plans to potentially file draft listing papers in the next few months, ET reported on Tuesday.
Gupta was part of a small team of senior leadership at Ola Cabs internally called the ‘CXO team’ that was working closely with Aggarwal. The other members included Bhavish’s brother Ankush Aggarwal and chief business officer Sidharth Shakdher.
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News portal Moneycontrol was the first to report Gupta’s exit.
Shakdher joined Ola late last year after about eight years at OTT platform Disney+Hotstar, where he was the chief marketing officer.
Ankush Aggarwal recently moved back to the ride-hailing business and has been made the chief executive of its unit Ola Financial Services. Ankush was previously the chief business officer at sister firm Ola Electric.
The series of shifts up top also come as competition intensifies for Ola from rival Uber, Swiggy-backed Rapido and ONDC-backed Namma Yatri in key markets like Bengaluru and Delhi.
For FY23, Ola Cabs parent ANI Technologies reported a Rs 1,082 crore loss, just over one-third compared with the year before. Revenue grew 58% to Rs 2,135 crore.
Bakshi, in January, had said the firm had made a positive Ebitda (earnings before interest, taxes, depreciation and amortisation) of Rs 250 crore in FY23.
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