Ola Electric is set to lay off over 500 employees in a restructuring move aimed at improving profitability.
The company, owned by Bhavish Aggarwal, is focusing on reducing costs and increasing margins to become profitable. This follows previous restructuring efforts in 2022, where Ola cut around 1,000 jobs and shut down three businesses. As of March 2024, Ola Electric had 4,011 employees. Despite strong sales, the company has faced regulatory challenges, service issues, and increased competition.