Kartik Gupta, the chief financial officer (CFO) of the well-known ride-hailing company Ola Cabs, has left the company after chief executive Hemant Bakshi resigned.
Kartik Gupta, who worked over two decades working for Procter & Gamble in the past, is quitting Ola only seven months after joining the firm.
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Kartik Gupta departure is a result of an ongoing restructuring at Ola Mobility. OLA’s founder, Bhavish Aggarwal, stated, Ola Cabs has laid off 10% of its workforce, or nearly 200 employees, as part of the restructuring. The restructuring process is intended to “improving profitability” and get the business ready for the “next phase of growth”.
Ola Electric wants to raise Rs 5,500 crore by issuing fresh shares, and company has already submitted draft IPO documents to Sebi.
The previously mentioned changes correlate with increased rivalry for Ola from rival Uber, Rapido, funded by Swiggy, and Namma Yatri, backed by ONDC, in important markets like Bengaluru and Delhi.
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