Ola Electric Faces Mass Layoffs Amid Rising Losses

• Ola Electric is planning to lay off over 1,000 employees and contract workers to address its cash burn issues.
• The company has recently shut down all its regional warehouses in favor of a more retail store-centric model, aiming to save around INR 30 Cr monthly.
• Ola Electric's cost-cutting measures also include renegotiating contracts with vehicle registration agency partners.
• The layoff news led to a significant drop in Ola Electric's stock, hitting an all-time low of INR 53.71 on the BSE.
• Despite efforts to become profitable, Ola Electric's losses have surged 50% YoY to INR 564 Cr, with operating revenues falling 19% YoY to INR 1,045 Cr in Q3 FY25.

Source: Inc42