OLA CFO Kartik Gupta Resigns just after CBO Ankush Aggarwal
The Chief Financial Officer (CFO) of the parent company of OLA, ANI Technologies, Kartik Gupta recently stepped down from his post after serving a period of seven months. The news came forth when the company was restructuring itself ahead of its initial public offering (IPO).
In a media interview, one of the OLA spokesperson said, “As part of an ongoing restructuring, Ola Mobility CFO Kartik Gupta has stepped down from the company. This restructuring is aimed at productivity enhancement in an AI-led era that is redefining the cab-hailing industry globally.”
He also confirmed that, this process of restructuring will enable the company to strengthen cost structures, focus on growth and increase its bottom line. In the recent fiscal year FY23, The company has collected a revenue of Rs 1,987 crore. During the same period, it reported a positive EBITDA of 
250 crore and posted profit before tax of 171 crore.
250 crore and posted profit before tax of 171 crore.
During the last month, Chief Executive Officer (CEO) of OLA, Hemant Bakshi resigned the job just after joining three months. With a prompt action Ankush Aggarwal, who is the brother of OLA founder Bhavish Aggarwal was appointed as CEO of OLA Finance who was the former CBO of OLA Electric.
To speed up the growth of the company Ola shut its services in international markets such as the UK, Australia and New Zealand. Reportedly, the firm is preparing itself for the IPO and has finalized book running lead managers.
Previously, OLA Cabs also faced a valuation mark down by its investor Vanguard which reduced the company’s worth to less than $2 billion. This was the third consecutive haircut in the firm’s valuation by Vanguard since February 2023. At peak, OLA was valued at around $7.3 billion in 2021.
