OLX India CEO Amit Kumar Steps Down After Seven Years Following CarTrade Acquisition

Amit Kumar, Managing Director and CEO of CarTrade-owned OLX India, has announced his resignation, ending his seven-year tenure with the online classifieds platform to explore “better opportunities.” OLX confirmed in a recent statement that Kumar’s resignation from both the directorship and CEO position will be effective January 31, 2025.

Kumar’s departure concludes a long career at OLX, which he joined in 2017 as Vice President before advancing to CEO of OLX’s Auto division in India. In 2022, he was promoted to CEO of OLX India Group. Before his role at OLX, Kumar held key positions at Snapdeal, Jabong.com, and Times Internet, among others.

OLX’s ownership transitioned to CarTrade last year through a deal, wherein CarTrade acquired a complete stake in Sobek Auto India Private Limited. This acquisition included both the OLX classifieds platform and OLX Autos’ C2B transaction division. However, CarTrade shut down OLX’s auto sales business just months after the acquisition, citing challenges with unit economics. CarTrade’s Q3 financial results for FY24 subsequently reported a net loss, largely attributed to losses in OLX’s auto sales segment.

Established in 2009 by Vinay Sanghi and Rajan Mehra, CarTrade facilitates vehicle sales across various categories and owns brands like CarWale, BikeWale, CarTradeExchange, Shriram Automall, Adroit Auto, and Autobiz. Additionally, it provides technology solutions for OEMs and dealerships.

In a recent corporate shift, private equity firm Warburg Pincus sold its entire 8.64% stake in CarTrade. Financially, CarTrade reported a substantial 509% increase in consolidated net profit.

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