Summary: Ola Electric, led by Bhavish Aggarwal, is reportedly planning to lay off over 1,000 employees and contract workers across departments like procurement, fulfillment, customer relations, and charging infrastructure to cut costs.
The layoffs come amid widening losses, with the company posting a net loss of ₹564 crore in Q3FY25, a 50% jump from the ₹376 crore loss in the same period last year.
Ola Electric’s revenue from operations also fell by 19.4% year-on-year, dropping to ₹1,045 crore from ₹1,296 crore.
The cost-cutting measures highlight the EV giant’s struggle with declining sales and rising expenses in a challenging market.
Ola Electric to Lay Off Over 1,000 Employees to Curb Losses: Report
Bhavish Aggarwal-led electric vehicle giant Ola Electric is reportedly planning to lay off more than 1,000 employees and contract workers as part of a cost-cutting exercise aimed at reducing mounting losses, according to a report by Bloomberg.
The job cuts are expected to impact multiple departments, including procurement, fulfillment, customer relations, and charging infrastructure, the report noted.
The move comes as Ola Electric struggles with widening losses. The company reported a net loss of ₹564 crore in the third quarter of the 2024-25 fiscal year (Q3FY25) — a 50% increase compared to the ₹376 crore loss recorded in the same period last year.
Adding to the financial strain, Ola Electric also witnessed a 19.4% year-on-year decline in revenue from operations. Revenue fell to ₹1,045 crore in Q3FY25, down from ₹1,296 crore in the corresponding quarter of the previous fiscal year.
The reported layoffs underscore the challenges facing the company as it navigates a competitive and evolving EV market, while grappling with rising costs and weakening sales.
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