Ola Electrical Mobility Restricted is now planning to put off greater than 500 workers throughout numerous roles as a part of a brand new restructuring train to attempt to change into worthwhile, Moneycontrol reported citing unnamed sources.
Ola Electrical CMD Bhavish Aggarwal addresses the media throughout the announcement of the corporate’s forthcoming preliminary public providing (IPO), in Mumbai(PTI)
HT could not independently confirm the knowledge.
Additionally Learn: Adani group’s bonds tumble after Gautam Adani charged in US with bribery, fraud | High updates
The corporate’s consolidated web loss was ₹495 crore for the second quarter of the monetary yr 2024-25. This was a 5.53% discount in comparison with the ₹524 crore loss it incurred throughout the identical quarter of the yr earlier than.
Ola Electrical’s income elevated by 39.06% to ₹1,214 crore from ₹873 crore throughout the identical interval.
This was primarily due to the rise in deliveries, which grew 73.6% from 56,813 items to 98,619 items in the identical time interval, in keeping with the report.
Additionally Learn: Adani shares crash over 20% after Gautam Adani indicted by US over alleged $250 million bribe plot
This could additionally mark yet one more among the many a number of restructuring workout routines the Bhavish Aggarwal-led firm has seen because the final ones got here in 2022, in keeping with the report.
The primary occurred in July 2022, when 1,000 workers have been laid off, and three companies, together with Used Vehicles, Cloud Kitchen, and Grocery Supply, have been shut down.
This was to concentrate on the EV enterprise. It additionally deliberate to rent about 800 workers for the EV division.
The second got here in September 2022, when it introduced a number of new hires to centralise and unify operations.
This comes seven months after Hemant Bakshi, the CEO of the ride-hailing division Ola Cabs, resigned at a time when Ola Shopper made plans to put off at the least 10% of its employees.
Additionally Learn: Google requested workers to destroy proof for years in bid to keep away from antitrust scrutiny: Report