Ola Electric Layoff News: Ola Electric had restructured twice before launching its IPO. Now the EV company is going to restructure once again, and this time almost 500 employees may get a shock. Know when the restructuring was done before, what happened in it, and why is it restructuring again now?
Ola Electric Layoff News: Ola Electric, which is an electric vehicle (EV) company, is now going to do layoffs. Bhavish Agarwal’s EV company is changing its business structure, which means that the company will be restructuring again, and it will impact around 500 employees who are working in different departments of the company. This information has been received by Moneycontrol from sources. According to sources, the company is adopting the path of layoffs to improve its margins, so that profitability can be achieved. All this is happening when some 7 months ago, Ola Electric’s parent company Ola Consumer had prepared a restructuring plan, in which at least 10 percent of the employees were going to get a shock. At that time, Ola Cabs CEO Hemant Bakshi also left the company.
Ola Electric Layoff News: Ola Electric has been restructured before also
This is not the first time Ola Electric is changing its business structure. Earlier, before bringing the IPO, the company had restructuring twice. In September 2022, a team of new employees was announced so that the business could be centralized. A big reorganization plan was announced in July 2022. Under this plan, the company’s 3 businesses – cars, cloud kitchen and grocery delivery were closed, and almost 1 thousand employees were laid off. All this was done so that the company could focus more on its EV business. After the layoff, the company also planned to hire 800 employees, who will work only in the EV business.
Ola Electric Layoff News:How is the health of Ola Electric?
If we talk about the financial health of Ola Electric, then the company’s earnings have increased from Rs 896 crore to Rs 1,246 crore in the September 2024 quarter. This growth was driven by a 73.6 percent increase in deliveries, which increased from 56,813 units to 98,619 units during this period. During this period, the company’s loss reduced from Rs 524 crore to Rs 495 crore.
