Ola Electric layoffs: Company to cut 500 jobs, Bhavish Aggarwal ‘reducing costs’

Ola Electric layoffs: A few teams have finalised the number of cuts as Ola founder Bhavish Aggarwal has been pushing to reduce costs across all revenues.

Updated on: Jun 3, 2024, 11:52:52 IST

By HT News Desk

Prefer HTon Google

Share via

Copy link

Ola Electric layoffs: Ola Electric is planning to lay off around 400-500 people across the organisation. The process will be completed in the coming weeks as the company aims to reduce operating costs ahead of the initial public offering (IPO), Economic Times reported citing people in the know. However, the final number of job cuts may change as the company is still in the process of concluding the scale of layoffs, the report added.

Bhavish Aggarwal, co-founder and CEO, ANI Technologies that runs Ola Cabs.

Ola Electric weighs bid for lithium mining rights, says report

The impacted employees may be replaced with new hiring at a relatively cheaper cost, the report added but the headcount is set to shrink following the completion of layoffs. The report also claimed that a few teams have already finalised the number of cuts as Ola founder Bhavish Aggarwal has been pushing to reduce costs across all revenues.

Bhavish Aggarwal vs LinkedIn: Ola to switch from Microsoft Azure to its own Krutrim Cloud

Earlier the company said that it has 3,733 employees as of October 2023 and the employee attrition rate is at 47.48 per cent in FY23. Ola Cabs had laid off around 200 employee in April and the company's CEO Hemant Bakshi and CFO Kartik Gupta had also exited the company then. This comes as Ola Electric reported a net loss of ₹267 crore on operating revenue of ₹1,243 crore for the first quarter of FY24. In FY23, the company posted a net loss of ₹1,472 crore on operating revenue of ₹2,631 crore.

ABOUT THE AUTHOR
HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

Stay updated with the latest Business News, stock market updates, petrol and diesel prices, gold and silver rates, income tax updates and major developments from India and across the world.