Amit Kumar Resigns As Managing Director & CEO Of OLX India
His resignation will take effect on 31 January 2025, as he seeks new opportunities
CarTrade Tech has confirmed the resignation of Amit Kumar from his role as managing director (MD) and chief executive officer (CEO) of Sobek Auto India, commonly known as OLX India. His resignation will take effect on 31 January 2025, as he seeks new opportunities.
The leadership transition will be overseen by OLX India’s Chairman, Vinay Sanghi, along with the company's management team. In an email to members of the CarTrade Group, Kumar expressed gratitude for his time at OLX India, stating, “It has been a great experience in the last year and a half transitioning OLX India from the previous investors to the CarTrade group. I believe we have reached our destination of stabilising the company with the CarTrade philosophy and principles ingrained into OLX India's DNA. In this journey, we achieved our mission of making OLX India a profitable business.”
Kumar joined the OLX Group in 2017 and was appointed MD and CEO in early 2024. His resignation follows CarTrade's acquisition of OLX India’s auto business in a deal valued at Rs 537 crore (approximately USD 64 million) in July 2023.
This news comes alongside CarTrade Group’s Q2 financial results, which reported a consolidated revenue from operations increase of 28 per cent year-on-year, rising to Rs 154.2 crore from Rs 120.01 crore.
