Ola Electric is cutting down to improve its margins in its efforts to achieve profitability.
Ola Electric, owned by Bhavish Aggarwal, is embarking on a restructuring exercise that could affect over 500 employees across various roles in the company. Money Control The report cited sources familiar with the matter.
The electric vehicle company is making layoffs to improve its margins in its efforts to achieve profitability.
Ola Electric also undertook two restructuring exercises in September 2022 and July 2022.
In September 2022, the company announced new hires to centralize and consolidate operations across verticals. In July 2022, Ola Electric laid off around 1,000 employees when it spun off three of its businesses – Used Cars, Cloud Kitchen and Grocery Delivery – to focus on the EV business.