Ola Electric to layoff 400-500 employees ahead of upcoming IPO

The total number of employees that will be laid off is subject to change as the leadership is currently determining the scale of layoffs that will affect various departments.

By  Storyboard18Jun 3, 2024 12:10 PM
Ola Electric to layoff 400-500 employees ahead of upcoming IPO
Some of the laid off employees will be replaced with new hires at lower costs but the overall number is going to decrease.

Ola Electric is looking to layoff 400-500 employees in the coming weeks, to streamline focus on control operating costs ahead of its upcoming IPO.

The total number of employees that will be laid off is subject to change as the leadership is currently determining the scale of layoffs that will affect various departments, ET reported.

ET stated that some of the laid off employees will be replaced with new hires at lower costs but the overall number is going to decrease.

The report also mentioned that certain departments have already finalised their numbers. Bhavish Aggarwal has asked all departments to reduce their costs.

The company is looking to be profitable in its cabs as well as electric vehicles categories, both of whom are currently at different levels of going public.


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First Published on Jun 3, 2024 12:10 PM

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