New Delhi, 03 March (IANS). The Ola electric mobility led by Bhavish Aggarwal may trim 1,000 employees and contract workers with the aim of reducing losses.
It was reported in the reports on Monday that this trimming will be done by several departments by the two -wheeler electric vehicle company supported by the soft bank. This includes departments such as customer relations, charging infrastructure and procurement.
This is the second trimming in the last five months. Earlier in November 2024, the company took out about 500 employees. By March 2024, Ola Electric had around 4,000 employees. More than 25 percent of the employees will be affected by the new pruning.
According to reports, the company is automatically automatically changing parts of its customer relationship operation and changes can also be made in the retrenchment as per business needs.
Ola Electric is facing strict competition from traditional companies in the market.
The company says that in February it has sold more than 25,000 units and the market share is 28 percent. However, according to the vehicle portal, 8,390 two -wheelers of Ola Electric were registered last month.
Ola Electric’s stock has also seen a major decline. The company’s IPO came in August last year, since then its stock has fallen by 60 percent from its peak. At 1:20 pm, Ola Electric’s stock was 3.22 percent declined at Rs 54.94 on the National Stock Exchange (NSE).
Ola Electric introduced weak results in the third quarter of FY 25. The company’s deficit has increased to Rs 564 crore in the October-December period, which is 13.94 percent higher than a loss of Rs 495 crore in the second quarter of the current financial year.
Ola Electric deficit has increased by 50 percent on an annual basis. In the third quarter of FY 24, the company had a loss of Rs 376 crore.
In the stock exchange filing, the company had said that the reason for increasing losses is the increasing competition in the market.
-IANS
ABS/