Karthik Gupta, Chief Financial Officer (CFO) of ALI Technologies, the parent company of Ola Cabs, has resigned from his post. People aware of this matter gave this information to Moneycontrol. Two weeks before this, Ola Cabs CEO Hemant Bakshi had also resigned. An Ola spokesperson has also confirmed this news.
Karthik Gupta, Chief Financial Officer (CFO) of ALI Technologies, the parent company of Ola Cabs, has resigned from his post. People aware of this matter gave this information to Moneycontrol. Two weeks before this, Ola Cabs CEO Hemant Bakshi had also resigned. An Ola spokesperson has also confirmed this news. He said, “As part of the ongoing restructuring in the company, Kartik Gupta, CFO of Ola Mobility, has stepped down from his post. The purpose of this restructuring is to increase productivity in the company in the Artificial Intelligence (AI9) led era which is currently taking place across the world. “is redefining the cab industry.”
“This restructuring will help the company strengthen its cost structure, focus on growth and increase profits,” the statement said. Kartik Gupta had joined Ola Cabs only 7 months ago. According to his LinkedIn profile, he was responsible for financial strategy, growth, regulatory compliance, tax, treasury and investor relations at the company.
Before joining Ola, Gupta worked at Procter & Gamble for about 17 years. In that company, he worked as Vice President and Regional CFO of Asia Pacific, Middle East and Africa.
There have been several resignations at the top level at Ola Cabs in the recent past. These resignations are happening at a time when the company is preparing to launch its Initial Public Offering (IPO). Ola Cabs CEO Bakshi stepped down after barely four months. Ola Group is currently in the midst of a restructuring process, which may lead to layoffs of at least 10 percent of its employees.
The company recently inducted Ankush Aggarwal, brother of its co-founder Bhavish Aggarwal, as CXO of the ride-handling business. Along with Ankush, Karthik Gupta and the company’s Chief Business Officer, Siddharth Shakdhar also came to the company. Bhavish Aggarwar, co-founder and managing director of Ola Cabs, said in an email sent to employees on April 29, “We have made substantial investments in artificial intelligence (AI) and technology, which has led to significant cost benefits. However, this will eliminate the need for some roles within the company.”
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