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India’s Ola Electric cuts 500 employees to boost profits
Ola Electric, under CEO Bhavish Aggarwal, is restructuring, affecting more than 500 employees across multiple departments. This initiative aims to improve profit margins.
Previously, in July 2022, the company laid off about 1,000 employees while closing its used cars, cloud kitchen, and grocery delivery businesses to focus on electric vehicles.
The company planned to recruit around 800 new staff for its EV division then.
Recently, Ola Electric announced a 38.5% increase in revenue for Q2 FY25, reaching 1,240 crore rupees (US$149 million).
Recent Ola Electric developments
| Timeline |
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03-Jun-2024 📉 Ola Electric eyeing up to 500 job cuts before IPO: report
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02-Jan-2024 ⚡ Ola Electric captures 40% market share in India’s two-wheeler EV segment
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22-Mar-2023 ⚡ Ola Electric eyes up to $300m raise in new round
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29-Jul-2022 ⚡ Ola Electric briefly suspends production at Future Factory
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18-Jul-2022 🔋 Ola Electric to set up $500m battery research facility
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