Ola Electric Layoffs: Bhavish Aggarwal EV Firm To Lay Off 500 Employees Amid Restructuring Exercise
Ola Electric, led by Bhavish Aggarwal, is reportedly planning a major restructuring that might impact 500 job cuts to enhance profit margins.
New Delhi, November 21: Ola Electric, led by Bhavish Aggarwal, is reportedly set to undertake a major restructuring exercise. The development could potentially affect 500 employees. The rumoured layoffs will likely impact various roles within the company, following previous job cuts that occurred a few months ago.
As per a report of Moneycontrol, Ola Electric is undertaking a restructuring exercise, which may impact around 500 employees. The electric vehicle company is planning to reduce its workforce, which is said to be a part of its strategy to enhance profit margins and work towards becoming profitable. By letting some employees go, the company might be considering to cut costs and streamline its operations. GM Layoffs: General Motors Lays Off Hundreds of Workers Globally, Employee of 38 Years Gets Termination Email at 5 AM.
The report follows a development made seven months ago by Ola Electric's sister company, Ola Consumer, to carry out a restructuring plan that would impact at least 10 per cent of its workforce. Around the same time, Hemant Bakshi, who was the CEO of Ola Cabs, also departed from the company. These changes suggest that the company is undergoing adjustments in its operations and leadership.
Recently, the Central Consumer Protection Authority (CCPA) has decided to investigate complaints regarding the services and products provided by Ola Electric. As per multiple reports, CCPA found that number of customer complaints were still not resolved, even though the company had claimed that it had successfully addressed 99 per cent of the issues raised by consumers. Earlier this month, Ola Electric shared its financial results for the second quarter of the fiscal year 2025. The company reported a rise in its revenue, which increased by 38.5 per cent compared to the same period last year, reaching INR 1,240 crore. Ford Layoffs: Massive Job Cuts Coming in Europe As Ford Plans To Lay Off Around 4,000 Employees in Germany and UK.
The company, led by Bhavish Aggarwal, also conducted two restructuring efforts in September 2022. During these restructuring processes, the firm introduced new hires to centralise and simplify its operations across different areas of the business.
(The above story first appeared on LatestLY on Nov 21, 2024 06:02 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).