Amit Kumar Has Resigned from His Position as MD and CEO of OLX India

CarTrade Tech Limited has recently announced the resignation of Amit Kumar as the Managing Director and CEO of Sobek Auto India Private Limited, which operates as OLX India.

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Kumar’s resignation will take effect on January 31, 2025, as he seeks new career opportunities.

CarTrade shared this news with the BSE and NSE, highlighting that the transition in leadership will be managed smoothly by OLX India’s Chairman, Vinay Sanghi, along with the executive team.

Reflecting on his time with OLX India, Kumar expressed his gratitude, especially following CarTrade’s acquisition of OLX’s auto business in July 2023. “The last year and a half has been an incredible journey as we transitioned OLX India under CarTrade. We have successfully integrated CarTrade’s philosophy into OLX India’s culture, achieving our goal of transforming OLX India into a profitable venture,” Kumar stated in an email to CarTrade Group members.

Kumar joined OLX Group in 2017 and became MD and CEO in early 2024.

CarTrade’s latest financial results indicate a strong growth trajectory. In Q2 FY25, the company reported a 28% year-on-year revenue increase, amounting to INR 154.2 crore, compared to INR 120.01 crore in the previous year. Additionally, the profit after tax saw a remarkable rise of over 509%, reaching INR 30.72 crore, up from INR 5.04 crore in Q2 FY24.