Ola Electric plans to lay off 400-500 employees before its IPO to reduce costs and increase profitability.
Ola Electric, an electric scooter maker, plans to lay off 400-500 employees to reduce operating costs before its IPO. The company, which reported a net loss of Rs 1,472 crore in FY23 and Rs 267 crore in Q1 FY24, aims to maintain market leadership and increase profitability ahead of its IPO. Ola Electric's current workforce stands at 3,733 employees, with an attrition rate of 47.48% in FY23.
June 03, 2024
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