Ola Electric Layoff: Before Ola Electric launched the IPO, the company had done two restructurings. Now once again the electric vehicle (EV) company is going to do restructuring and this time about 500 employees may get a shock. Know when the restructuring was done before this and what happened under it and why is it going to happen once again?
Ola Electric Layoff: Electric vehicle (EV) company Ola is going to have layoffs. Bhavish Aggarwal’s EV company is changing its business structure, which means it will be restructured once again, which may shock about 500 employees of different departments within the company. Moneycontrol has received this information from sources. According to sources, the company is adopting the path of layoffs to improve its margins in an attempt to achieve profitability. This is happening at a time when about seven months ago, Ola Electric’s company Ola Consumer prepared a restructuring plan under which at least 10 percent of the employees will be shocked. At the same time, Ola Cabs CEO Hemant Bakshi also left the company.
Ola Electric has been restructured before
This is not the first time that Ola Electric is changing its business structure. Earlier, before bringing the IPO, the company had done two restructurings. In September 2022, a team of new employees was announced to centralize the business. In July 2022, a massive reorganization plan was announced. Under this, three businesses of the company – used cars, cloud kitchen and grocery delivery were closed and about 1 thousand employees were laid off. The company did this so that it could focus on the EV business. After this layoff, it also planned to hire about 800 employees for the EV business.
How is the health of Ola Electric
Talking about the financial health of Ola Electric, its earnings jumped from Rs 896 crore to Rs 1,246 crore on an annual basis in the September 2024 quarter. It was supported by a 73.6 percent increase in delivery, which increased from 56,813 units to 98,619 units during this period. During this period, the company’s loss came down from Rs 524 to Rs 495.
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