Nov 22, 2024 09:47 AM IST
Ola Electric’s consolidated net loss was ₹495 crore for the second quarter of 2024-25, a 5.53% reduction compared to the same period of the year before
Ola Electric Mobility Limited is now planning to lay off more than 500 employees across various roles as part of a new restructuring exercise to try to become profitable, Moneycontrol reported citing unnamed sources.
HT couldn’t independently verify the information.
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The company’s consolidated net loss was ₹495 crore for the second quarter of the financial year 2024-25. This was a 5.53% reduction compared to the ₹524 crore loss it incurred during the same quarter of the year before.
Ola Electric’s revenue increased by 39.06% to ₹1,214 crore from ₹873 crore during the same period.
This was primarily because of the increase in deliveries, which grew 73.6% from 56,813 units to 98,619 units in the same time period, according to the report.
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This would also mark yet another among the multiple restructuring exercises the Bhavish Aggarwal-led company has seen since the last ones came in 2022, according to the report.
The first occurred in July 2022, when 1,000 employees were laid off, and three businesses, including Used Cars, Cloud Kitchen, and Grocery Delivery, were shut down.
This was to focus on the EV business. It also planned to hire about 800 employees for the EV division.
The second came in September 2022, when it announced multiple new hires to centralise and unify operations.
This comes seven months after Hemant Bakshi, the CEO of the ride-hailing division Ola Cabs, resigned at a time when Ola Consumer made plans to lay off at least 10% of its staff.
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