The CEO of Ola company has also resigned from his post, along with him the CFO of the company, Kartik Gupta has also resigned from his post. In the month of April also, the company had fired about 200 people.
OLA Electric is preparing to layoff its employees next week. The number of which can be around 400 to 500, although this number can also change after the final list released by the company. Information about how many people the company will lay off will be available only after the final decision taken by the company.
In fact, OLA Electric wants to control its operating cost before the IPO, so it is considering options like layoffs. While drafting the paper for the IPO last December, the company had said that it had a total of 3,733 employees in the month of October 2023, and at that time the employee attrition rate of the company was 47.48 percent.
There will be new recruitment
According to a report by The Economic Times, the company can make new vacancies in place of those laid off. However, the number of new people will be less than the number of people who will be fired and the company will also pay less as wages to these people. Also, experts are saying that OLA Electric has already made plans for this layoff process.
Ola company’s CEO Hemant Bakshi has also resigned from his post, along with him the company’s CFO Kartik Gupta has also resigned from the post. In the month of April also, the company had fired about 200 people from its job. However, then this layoff was from Ola Cab.
The company is running in loss
Ola company has been running in loss continuously for the last few days. According to the data of the first quarter of the financial year 2024 (FY24), Ola Electric has a loss of Rs 267 crore, and its operating revenue is Rs 1,243 crore. The company also suffered a loss in the financial year 2023 (FY23). During this period also the company suffered a loss of Rs 1472 crore. In that financial year, the operating revenue of the company was Rs 2,631 crore.
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