500 jobs at risk in Ola! Company preparing for big layoffs amid controversies

Ola Electric is going to do a big layoff. The company has been running in losses for a long time and its troubles are increasing now. The company is under government investigation and is also facing controversies. Meanwhile, the electric two-wheeler maker has announced a big layoff. It is reported that the company is going to show the way out to 500 employees.

Ola Electric is going to reduce its workforce. There is news of 500 employees being removed from the company. According to NDTV, Bhavish Aggarwal-led Ola Electric is trying to increase profits by reducing the number of employees. Along with this, the company will also try to boost its operational efficiency. This restructuring attempt of the company will affect the employees of many of its departments.

However, nothing has been said by Ola about these layoffs yet. Also, it is not clear within how many days these layoffs will be done. According to the report, the company reported a net loss of Rs 495 crore in the July-September quarter this year, compared to Rs 347 crore in the previous quarter. Ola’s revenue also declined by 26.1 percent to Rs 1,214 crore from Rs 1,644 crore in the first quarter of this financial year.

The company’s CEO Bhavish Aggarwal said that the company’s operational expenses have come down quarter by quarter. As the distribution expands, the company’s revenue will continue to grow. At the same time, operational expenditure is likely to remain stable in the next few quarters. The company’s market share declined by 33 percent in the second quarter of the year. Experts believe that increasing competition and service network challenges have affected Ola Electric’s market lead. Ola Electric shares also fell.