<p>Bengaluru: Bengaluru-based EV major Ola Electric Mobility Ltd has carried out layoffs, letting go of around 1,000 employees, citing “restructuring” and “automation” as reasons.</p>.<p>The company has eliminated “redundant roles”, an Ola spokesperson confirmed to <em>DH</em> on Monday.</p>.<p>“We have restructured and automated our front-end operations delivering improved margins, reduced cost, and enhanced customer experience while eliminating redundant roles for better productivity,” the spokesperson said.</p>.<p>These layoffs began in December and have now been completed, sources said. This was around the same time Ola Electric underwent a large expansion, opening 4,000 new stores across India.</p>.<p>The layoffs comprised both employees and contract workers spanning multiple departments, including procurement, fulfillment, customer relations, charging infrastructure, in addition to front-end sales, service and warehouse staff at Ola’s showrooms and service centers, according to a report by <em>Bloomberg</em>.</p>.Microchip Technology to lay off 2,000 employees amid weak automotive demand.<p>Ola Electric’s shares declined by about 5 per cent during the day, hitting a new all-time low. The stock closed 3 per cent down at Rs 55.12 a share. The company’s public listing was in August.</p>.<p>This also marks Ola’s second round of mass layoffs. Last November, the company had cut around 500 jobs. Ola also saw a series of top-level exits in 2024, the latest being in December.</p>.<p>In the third quarter of the current fiscal (ended December 31, 2024), Ola saw a drop in revenue to Rs 1,069 crore, from Rs 1,336 crore in the same quarter in 2023. The company reported a 50 per cent widening of losses for Q3.</p>.<p>The company’s automotive gross margin saw a 14 per cent sequential decline in revenue to Rs 1,075 crore, for which it cited “intensified competition”. In December, Bajaj Auto Ltd overtook Ola as the market leader in electric scooters.</p>.<p>This comes amidst the Bhavish Aggarwal-led company’s run-ins with the Central Consumer Protection Authority (CCPA) brought on by a massive number of customer complaints on its two-wheelers. The latest on this front is the CCPA requesting more information and clarifications from Ola, which the company provided in mid-February.</p>
<p>Bengaluru: Bengaluru-based EV major Ola Electric Mobility Ltd has carried out layoffs, letting go of around 1,000 employees, citing “restructuring” and “automation” as reasons.</p>.<p>The company has eliminated “redundant roles”, an Ola spokesperson confirmed to <em>DH</em> on Monday.</p>.<p>“We have restructured and automated our front-end operations delivering improved margins, reduced cost, and enhanced customer experience while eliminating redundant roles for better productivity,” the spokesperson said.</p>.<p>These layoffs began in December and have now been completed, sources said. This was around the same time Ola Electric underwent a large expansion, opening 4,000 new stores across India.</p>.<p>The layoffs comprised both employees and contract workers spanning multiple departments, including procurement, fulfillment, customer relations, charging infrastructure, in addition to front-end sales, service and warehouse staff at Ola’s showrooms and service centers, according to a report by <em>Bloomberg</em>.</p>.Microchip Technology to lay off 2,000 employees amid weak automotive demand.<p>Ola Electric’s shares declined by about 5 per cent during the day, hitting a new all-time low. The stock closed 3 per cent down at Rs 55.12 a share. The company’s public listing was in August.</p>.<p>This also marks Ola’s second round of mass layoffs. Last November, the company had cut around 500 jobs. Ola also saw a series of top-level exits in 2024, the latest being in December.</p>.<p>In the third quarter of the current fiscal (ended December 31, 2024), Ola saw a drop in revenue to Rs 1,069 crore, from Rs 1,336 crore in the same quarter in 2023. The company reported a 50 per cent widening of losses for Q3.</p>.<p>The company’s automotive gross margin saw a 14 per cent sequential decline in revenue to Rs 1,075 crore, for which it cited “intensified competition”. In December, Bajaj Auto Ltd overtook Ola as the market leader in electric scooters.</p>.<p>This comes amidst the Bhavish Aggarwal-led company’s run-ins with the Central Consumer Protection Authority (CCPA) brought on by a massive number of customer complaints on its two-wheelers. The latest on this front is the CCPA requesting more information and clarifications from Ola, which the company provided in mid-February.</p>