Ola Electric planning to layoff 400-500 employees to streamline operations

In the upcoming weeks, Ola Electric is set to lay off approximately 400-500 employees across the organisation. The move aims to control operating expenses in preparation for its proposed initial public offering (IPO), according to a report in The Economic Times.

The report said that a portion of the affected employees might be substituted with new hires at a more economical rate, but the total workforce is expected to decrease.