MUMBAI: The chief financial officer (CFO) of
Ola Cabs Kartik Gupta
has stepped down from his position, less than three weeks after the firm’s CEO Hemant Bakshi quit the company. In a statement, Ola said that Gupta’s departure was part of an ongoing restructuring. “This restructuring is aimed at productivity enhancement in an AI-led era that is redefining the cab-hailing industry globally,” Ola said, adding that the process will allow the company to strengthen cost structures, focus on growth and increase its bottom line.
Gupta who had previously worked with Procter & Gamble for close to two decades is leaving Ola barely within seven months of joining the company.
As part of the restructuring,
Ola Cabs
has laid off 10% or close to 200 employees. In a letter to employees, founder Bhavish Aggarwal had said that the restructuring exercise is aimed at “improving profitability” and preparing the company for the “next phase of growth. The company claims to have already posted operating profits of Rs 250 crore on a standalone basis in FY23, against losses of Rs 66 crore in the previous year.
The restructuring comes amid the Bengaluru-based firm’s plan to launch an initial public offering (IPO). The company is looking to file its draft IPO papers with Securities and Exchange Board of India (SEBI) in three months and get listed on the bourses later this year, TOI had reported. The development also comes weeks after Ola shut down its operations in some countries in a bid to tone its operations.
Subsidiary Ola electric has already filed draft IPO papers with Sebi and aims to raise Rs 5,500 crore through issuance of new shares.
