Ola Electric to Cut Over 1k Jobs to Stem Losses

Around 500 employees were laid off by Ola last November, as per reports

- Bloomberg

Ola Electric Mobility Ltd is laying off more than a thousand employees and contract workers, people familiar with the matter said, as one of India's top scooter-makers races to pare ballooning losses.

The cuts at the SoftBank Group Corp.-backed firm span multiple departments, including procurement, fulfillment, customer relations and charging infrastructure, the people said, asking not to be identified as the information is private.

It's the second round of layoffs in under five months as the Bhavish Aggarwal-led company, which just listed last August, battles crises on several fronts. It posted a 50% surge in losses for the December quarter and has been censured by India's market regulator and consumer protection authority in recent months.