New Delhi: Ola Electric Mobility is reportedly planning to lay off over 500 employees as part of a restructuring exercise, accounting for about 12% of its workforce.

This move mirrors a similar step taken by the company in 2022 ahead of its Initial Public Offering (IPO).

For the second quarter of the financial year 2024-25, Ola Electric reported a consolidated net loss of ₹495 crore. This marks a 5.53% improvement compared to the ₹524 crore loss recorded in the same quarter the previous year.

Earlier in July 2022, the company sacked 1,000 employees and shut down three divisions including the Used Cars, Cloud Kitchen, and Grocery Delivery to concentrate on its EV business. It also announced plans to hire 800 employees for the EV division.

Later, in September 2022, Ola Electric made new hires as part of efforts to centralize and unify its operations.

The latest layoffs come seven months after Hemant Bakshi, CEO of Ola Cabs, resigned amid broader layoffs, with Ola Consumer cutting 10% of its staff.