Ola Electric

Ola Electric, the Indian electric vehicle major led by Bhavish Aggarwal, is planning to lay off more than 1,000 employees and contract workers as part of a major restructuring effort to control costs and stem rising financial losses. This marks the company's second significant round of job cuts in less than five months, following the dismissal of around 500 employees in November 2024. The latest layoffs affect multiple departments, including procurement, fulfilment, customer relations, and charging infrastructure, and account for over a quarter of its reported workforce of approximately 4,000 as of March 2024. The move comes amid a challenging period for the company, which reported a 50% surge in losses to INR 564 crore in the December quarter, driven by declining revenue and intense competition in the electric two-wheeler market.

Ola Electric, an Indian electric vehicle manufacturer, has laid off approximately 400-500 employees, which represents around 10% of its workforce. The decision, made in late April 2024, is part of a restructuring effort aimed at improving profitability and operational efficiency as the company prepares for its upcoming initial public offering (IPO). Operating in the competitive automotive and mobility industry, Ola Electric is scaling its operations to strengthen its market position ahead of the public listing.