Ola Cabs CFO Kartik Gupta steps down in pre-IPO restructuring

Ola Cab Chief Financial Officer Kartik Gupta has stepped down from his post just two weeks after CEO Hemant Bakshi's departure, a spokesperson for the ride-hailing company said.

"This restructuring is aimed at productivity enhancement in an AI-led era that is redefining the cab-hailing industry globally," the spokesperson said in a statement, adding that it will also allow Ola to save costs and focus on growth and profitability.

Gupta joined ANI Technologies, Ola's parent company, just seven months ago after spending 17 years and nine months with Procter & Gamble across its Asia-Pacific and Middle East businesses.

"As CFO of ANI group responsible for financial strategy, top/bottom-line growth, cost optimisation and vendor negotiations, tax and treasury management and investor relations (sic)," read his LinkedIn profile.

Ola Cabs is in the midst of a major restructuring exercise, beginning with changes in its leadership team. Its CEO Hemant Bakshi recently quit after being with the company for just four months.

On Tuesday, Ola said that founder Bhavish Aggarwal had roped in his brother, Ankush Aggarwal, to become part of the core CXO team along with dispensing his duties at Ola Electric.

At present, Bhavish has taken over the daily running of Ola Cabs, mainly to steer it towards an initial public offering (IPO) as it plans to raise $500 million at a valuation of $5 billion, according to a Reuters report.

The company also recently shut down its overseas business in the UK, Australia, and New Zealand.