Amid Losses Ola Electric Plans To Layoff 500 Employees

In the midst of Deloitte's additional round of layoffs, Ola Electric is also planning to layoff over 500 employees as a part of a restructuring exercise, accounting for about 12% of its workforce.

According to reports, "Bhavish Agrawal Led Ola Electricity is trying to cut down costs and improve its profit margins. Basically, the company is reshuffling its workforce to drive profitability. But for employees, this means job cuts. In fact, currently, it is unclear when this restructuring process will end, but the idea is simple: spend less, earn more.

When it comes to numbers, the company's financial revenue saw a slump of 26.1% to Rs 1,214 crore from Rs 1,644 in the first quarter of this FY. The net loss, however, narrowed on a Y-O-Y basis.

Commenting on the quarterly earnings, Agrawal said the company's operating expenses had decreased quarter-on-quarter and that the company will focus on cost efficiencies.

“As we continue to scale distribution, revenue will keep growing while the operating expenses are likely to remain flat or even decline over the next few quarters,” Aggarwal added.