SUMMARY
- Amit Kumar resigns as MD and CEO of OLX India, effective January 31, 2025, for new opportunities.
- Under Kumar’s leadership, OLX India transitioned successfully to CarTrade ownership, achieving profitability and stabilization.
- OLX India’s Q2 FY25 PAT increased 509%, with operating income rising 28% year-over-year to ₹154.2 crore.
According to CarTrade Tech Limited, Amit Kumar has resigned from his position as managing director and chief executive officer of Sobek Auto India Private Limited, popularly known as OLX India, an unlisted, fully owned material subsidiary.
Vinay Sanghi, the chairman of OLX India, and the company’s senior team will supervise the leadership change.
In order to pursue other opportunities, Kumar will stand down with effect from January 31, 2025, as per the company’s official filing to the BSE and NSE.
In an email to CarTrade group members, Amit Kumar stated, “It has been a great experience in the last year and a half transitioning OLX India from the previous investors to the Car trade group. I do believe that now we have reached our destination of stabilizing the company with the car trade philosophy and principles ingrained into OLX India’s DNA. In this journey, we reached our mission of making OLX India a profitable business.”
In early 2024, Amit Kumar, who had joined OLX Group in 2017, was promoted to MD and CEO. In a deal valued at ₹537 crore ($64 million), the car classifieds website CarTrade purchased OLX India’s auto division in July 2023.
The company‘s total operating income climbed from ₹120.01 crore to ₹154.2 crore, a 28% year-over-year rise. In Q2 of FY25, its profit after tax (PAT) increased from ₹5.04 crore to ₹30.72 crore, a more than 509% increase.
