Ola Electric to Lay Off 500 Employees as Losses and Market Challenges Mount

India's leading e-scooter maker faces financial setbacks, declining market share, and regulatory scrutiny while seeking profitability through restructuring.

• Ola Electric plans to cut 500 jobs across various departments in a restructuring effort aimed at improving profitability and operational efficiency.
• The company reported a 43% quarterly increase in net loss, reaching ₹495 crore in Q2 FY25, while revenue dropped by 26.1% compared to the previous quarter.
• Ola's market share in India's electric two-wheeler segment fell to 33% in Q2 FY25, down from 49% in Q1, as competition and service challenges intensified.
• Regulatory agencies are investigating Ola Electric's consumer complaint redressal practices following reports of product and service issues, including software and battery problems.
• The company's stock price has plummeted, eroding ₹38,000 crore in market value since its peak, with shares now trading 56% below their all-time high.

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NDTV Hindustan Times