First, cab aggregator, then electric scooter, then replaced Google Map with its own map app, the remaining task was completed by the IPO listing. All this happened with Bhavish Aggarwal, owner of Ola Electric, but this good news could not last long.
First the complaint about electric scooter, then the dispute on social media with famous stand up comedian Kunal Kamra and then the fall in the shares of Ola Electric. All these things made the path of Ola Electric a bit difficult. Due to which the employees working there had to suffer by losing their jobs.
Retrenchment winds blow in Ola Electric
Amidst the fall in Ola’s stock and complaints regarding electric scooters, Ola Electric is now cutting the number of its employees. According to the report of business intelligence platform Traction published in Economic Times, 300-400 employees have been laid off in the last few months.
This truth came out in EPFO data
According to Traxon data based on the company’s filing with the Employees’ Provident Fund Organization (EPFO), Ola Electric has laid off 900 employees between August and October 2024. In such a situation, the total number of employees of the company decreased from 4,665 to 3,754.
This truth came out in EPFO data
According to Traxon data based on the company’s filing with the Employees’ Provident Fund Organization (EPFO), Ola Electric has laid off 900 employees between August and October 2024. In such a situation, the total number of employees of the company decreased from 4,665 to 3,754.
Before the listing of its IPO, Ola Electric had stated the number of employees as 4,011 as of March 31, 2024 in the Red Herring Prospectus (RHP). There is a difference between the data of EPFO and the figures officially disclosed by the company in RHP, this difference shows the increase in the last two months. Meanwhile, the company has increased the number of off-roll employees.
