Mumbai, Nov 22: While,the Ola Electric, the sister concern of the OLA Mobility, is in trouble for the hard notice served by the Central Consumer Forum, its crew members are going to face a challenge as the OLA Electric is going ahead with a strategic staff lay-off decision.
According to reports, the OLA Electric is almost set to sack at least 500 employees as part of its restructuring amid losses and a government probe over poor product and service quality complaints. It’s said that Bhavish Aggarwal's electric vehicle (EV) company is working to enhance operational efficiency by cutting redundancies and focusing on doubling profit with optimum manpower. Thus, the reshuffle is going to hamper the employees in many ways.
The probable lay-off process came to the light, after the Inc42 came up that the company might be more frantic to drive profitability from its existing business.
Apart from it, the net loss at least 43% more than the previous year, has now reached Rs 495 crore by the July-September quarter (Q2 FY25), up from Rs 347 crore in the previous quarter (Q1 FY25).
Additionally, the electric two-wheeler firm's revenue reportedly declined by 26.1% to Rs 1,214 crore compared to Rs 1,644 crore in the first quarter of the current fiscal year.
If the mechanism of curtailing in staff position is in fact implemented by the OLA Electric authorities, it will leave a number of educated youths including, electricians, business executives, front office personnel, foremen and MBA graduates jobless, anticipate social critics.
