Ola Electric to lay off 1,000 employees: Report

Entrackr · 2d

Ola Electric to lay off 1,000 employees: Report Electric scooter manufacturer Ola Electric is reportedly cutting over a thousand employees and contract workers to curb mounting losses. As first reported by Bloomberg, this move is part of a larger restructuring effort focused on optimizing operations and steering the company toward profitability. In November, media reports highlighted that the Bengaluru-based company had laid off nearly 500 employees across various teams as part of a restructuring effort aimed at enhancing margins and improving profitability prospects. Entrackr has reached out to Ola Electric for comments. Besides layoffs, the firm has also seen the departure of top-level executives, including Anshul Khandelwal, Chief Marketing Officer, and Suvonil Chatterjee, Chief Technology and Product Officers, in recent times. While Ola Electric has regained its market share in the two-wheeler electric vehicle segment, the company received a show cause notice from the Central Consumer Protection Authority (CCPA) in October last year due to a rise in consumer complaints, citing alleged violations of consumer rights, misleading advertisements, and unfair practices. For the quarter ending in December 2024 (Q3 FY25), the Bhavish Aggarwal-led company saw a 19.4% YoY revenue decline to Rs 1,045 crore. The company’s losses also rose 50% to Rs 564 crore during the period.