Ola Electric to lay off 500 employees in restructuring exercise: Report

India's e-scooter manufacturing firm, Ola Electric is planning to layoff 500 employees under its new restructuring exercise. According to a report by Moneycontrol, the company will be laying off employees across various roles within the organisation to improve its margins in its efforts to attain profitability.

The report has come seven months after Ola Consumer announced a restructuring exercise that may affect 10 percent of the employees.

Ola Electric on path to profitability, service backlog is history now, says Bhavish Aggarwal

Ola Electric has announced its second quarter result this month. The EV manufacturer reported a narrower loss, helped by a jump in sales.

The Bengaluru-based company's consolidated loss narrowed to Rs 495 crore in the July-September quarter from Rs 524 crore a year earlier.

‘Brand is built by product, not by pricing’: Ola boss Bhavish Aggarwal

Ola's quarterly revenue jumped 39 percent to Rs 1,214 crore, helped by sales of mass models, or those priced below Rs 100,000.

Ola Electric sold 98,619 two-wheelers between July and September 2024-- 73.6 percent higher than last year.