The Chief Financial Officer (CFO) of ANI Technologies (Ola Cab’s parent), Karthik Gupta, has stepped down from his post, as per a report by Moneycontrol. This is just two weeks after Ola Cab’s CEO, Hemant Bakshi, quit his post.
While confirming the development, a company spokesperson told Moneycontrol that Gupta stepped down from the company as part of an ongoing restructuring. In an AI-led era that is redefining the entire taxi hailing industry throughout the globe, a spokesperson said that this restructuring intends to increase productivity.
According to his LinkedIn, Gupta joined Ola Cabs seven months ago and was responsible for investor relations, tax, treasury, growth, financial strategy, and regulatory compliance. Gupta spent almost 17 years as Procter & Gamble's vice president and regional CFO for Asia Pacific, the Middle East, and Africa before joining Ola.
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There are lots of events happening in Ola Cabs. As mentioned before, two weeks ago, Ola Cabs CEO Hemant Bakshi resigned from the company. This was just four months after he took on the role of CEO. While the company has not announced the name of Bakshi’s successor, Ola co-founder Bhavish Aggarwal will take care of the charge until a new CEO is recruited.
In an internal email to employees in April, Aggarwal said, "We have made substantial investments in the areas of AI and technology, which has led to significant cost advantages. Certain roles within the company will become redundant.”
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Meanwhile, Ola is planning to go public soon, as per a report by Reutters. At a company valuation of about $5 billion, Ola aims to raise $500 million, says the report. Goldman Sachs, Bank of America, Citi, and India's Kotak and Axis are some of the banks with which Ola has been in talks for the IPO process. Recently, Ola also said that it is shutting down its international ventures in the United Kingdom, Australia, and New Zealand.
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