Ola Cabs, which provides cabs through the app, has suffered another setback. Kartik Gupta, Chief Financial Officer (CFO) of Ola Cabs’ parent company ANI Technologies, has stepped down. He took charge only 7 months ago. Gupta’s resignation comes two weeks after Ola Cabs Chief Executive Officer Hemant Bakshi stepped down.
Giving information about the resignation, Ola spokesperson said – Ola Mobility CFO Karthik Gupta has resigned from the company as part of re-structuring. Before joining Ola, Kartik Gupta served as Vice President and Regional CFO of Procter & Gamble for Asia Pacific, Middle East and Africa for nearly 17 years.
layoff plan
Recently there were reports that the company is planning to lay off 10-15 percent of its employees. The company’s Ola Cabs division had around 900 people in January and the layoffs may affect 90-140 people.
Ola Cabs in mood for IPO
Ola Cabs began preliminary discussions with investment banks for an IPO last month. The firm’s sister company, Ola Electric, filed its draft red herring prospectus with the market regulator in December to raise about Rs 7,250 crore through an IPO, the first attempt at a listing by an Indian electric vehicle firm. Founded in 2010, Ola Cabs received backing from companies like SoftBank and Tiger Global.
the loss has reduced
Ola Mobility had reported loss narrowing to Rs 1,082.56 crore in FY 2022-23. It had a loss of Rs 3,082.42 crore in the financial year 2021-22. Ola Mobility’s parent company ANI Technologies’ cumulative loss widened to Rs 20,223.45 crore at the group level and Rs 19,649.27 crore on a standalone basis as of March 31, 2023. The company has received total funding of Rs 31,441 crore till January 2024.
