New Delhi: Ride-hailing platform Ola Cabs has witnessed another top-level exit as the Chief Financial Officer (CFO) of ANI Technologies (the parent firm) Karthik Gupta has stepped down seven months after taking charge. Gupta’s exit comes two weeks after the company’s CEO Hemant Bakshi quit.
According to the company, Gupta’s departure is part of an “ongoing restructuring” process. “As part of an ongoing restructuring, Ola Mobility CFO Karthik 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,” an Ola spokesperson told IANS. (Also Read: Microsoft Asks 700-800 Employees In China To Relocate Amid US-China Tensions)
The spokesperson also said that the restructuring process will allow Ola to “strengthen cost structures, focus on growth and increase its bottom line”. According to his LinkedIn profile, Gupta joined Ola Cabs seven months ago and was in charge of financial strategy, growth, regulatory compliance, tax, treasury, and investor relations. He spent over 17 years as Procter & Gamble’s Vice President and regional CFO for Asia Pacific, the Middle East, and Africa before joining Ola. (Also Read: PhonePe Users Can Now Make Payments Through UPI In Sri Lanka; Collaborates With LankaPay)
Last month, the ride-hailing platform announced job cuts. Ola founder Bhavish Aggarwal addressed staff in a letter about a restructuring exercise to improve profitability and prepare for future growth. The restructuring process will reportedly affect at least 10 per cent of the company’s workforce. Meanwhile, the company has appointed Ola founder’s brother Ankush Aggarwal as the Chief Executive Officer of Ola Financial Services.