Ola Electric will lay off More Than 1,000 Employees to cut its losses

Ola Electric, a Bengaluru-based electric vehicle startup, is in the news again, this time for layoffs. The company is reportedly planning to let go of over 1,000 employees, including both full-time staff and contract workers, to cut down on its losses. However, Ola Electric has not yet confirmed this officially.

Ola Electric is planning another round of layoffs. According to a Bloomberg report, the company, backed by SoftBank Group, will cut jobs in several departments such as procurement, fulfillment, customer relations, and charging infrastructure. This follows a similar move in November when reports suggested that Ola let go of 500 employees.

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The upcoming layoffs could affect more than a quarter of Ola’s workforce, which had 4,000 employees in March 2024. Recently, Ola Electric reported a 50% increase in losses for the December quarter, which came after the company went public and listed on the Bombay Stock Exchange (BSE) last year.

Ola Electric's shares have dropped more than 60% since its IPO in August last year. This is due to several issues, including reports of its electric scooters catching fire or breaking, customer complaints, and criticism on social media about poor service.

As part of a company restructure, Ola is automating parts of its customer relations. The layoffs may change depending on business needs. The company is also letting go of sales, service, and warehouse staff at its showrooms and service centers while updating its logistics and delivery strategy to reduce costs.

About Ola Electric

Ola Electric – Leading the way to a sustainable future of transportation. Driving the shift to eco-friendly mobility.

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