OLA ELECTRIC RESTRUCTURE
Vedanta dividend alert! Last day to buy shares of Anil Agarwal-led company for Rs 5/share dividend
The company last week declared the interim dividend, which marks its first payout since the stock adjusted for its mega demerger earlier this year. The total dividend payout will be Rs 1,955 crore. Vedanta is closely watched by investors for its consistent track record of dividend payments.
Festive carts to get heavier; Pixxel’s $100 million fresh fuel
Happy Monday! Online festive shopping is set to hit a new high this year. This and more in today’s ETtech Morning Dispatch.
Ola Electric gets Rs 95.8 crore PLI incentive, third consecutive year
Ola Electric has secured a Rs 95.81 crore incentive under the government’s Production Linked Incentive (PLI) scheme for automobiles and auto components for FY27. This is its third consecutive payout, taking total sanctioned incentives to about Rs 536.3 crore as the electric two-wheeler maker works to revive sales and expand domestic battery and cell manufacturing.
Ola Electric plans Rs 2,000 cr fundraise for battery arm
Ola Electric is raising up to Rs 2,000 crore by selling a stake in its battery unit, Ola Cell Technologies. This move aims to strengthen its finances and restructure operations. The company's battery plant in Tamil Nadu is set to expand its capacity. This development is crucial for India's domestic EV supply chain and energy storage solutions.
Ola Electric’s revenue halves in Q3 to Rs 470 crore amid restructuring; losses narrow
Ola Electric's operating revenue fell 55% in the December quarter. The company reported a net loss of Rs 487 crore, a 14% reduction year-on-year. Ola Electric is undertaking a structural reset to fix fundamentals and reduce losses. This has led to lower volumes and revenue. Its rival, Ather Energy, reported strong revenue growth.
Ola trims its realty footprint to recalibrate operations, cut costs
The company has given up over 112,000 sq ft at Prestige-RMZ Startech in Koramangala, giving up the entire seventh and eighth floors in Tower B. Global consulting and technology firm Accenture has taken over the floors, sources said.
- Go To Page 1
Ola Electric says 5% of workforce to be trimmed
This is part of the electric two-wheeler maker’s push ahead with a business turnaround plan aimed at improving service delivery and increasing automation across its front-end operations. This comes amid market share loss following customer complaints related to service and vehicle quality, and senior-level exits at the electric two-wheeler maker.
Ola Electric early investors Z47, Tiger Global pare stakes
Z47, formerly known as Matrix Partners India, earned up to Rs 187 crore from the share sale. It continues to hold shares worth Rs 347 crore. Tiger Global Management now holds 3.24% in the EV maker through its Internet Fund III, which is valued at Rs 585 crore.
Ola Electric to raise Rs 1,700 crore in debt to navigate tough market conditions
Ola Electric plans to raise ₹1,700 crore through debt instruments to strengthen its finances amid market share decline, regulatory scrutiny, and a tough operating environment. The funds will support strategic initiatives, as the company faces intense competition and internal restructuring.
Ola Electric plans fundraise amid market share slump, stock slide
A board meeting scheduled on May 22 will consider raising capital through NCDs or other eligible securities. This would be the Bengaluru-based electric two-wheeler maker’s first funding exercise after its IPO in August last year. Details such as the size of the round, valuation, and names of potential investors have not been disclosed.
Exclusive: Ola brand IP may transfer to Bhavish Aggarwal’s family office amid group restructuring
ANI Technologies operates the group’s ride-hailing business and holds the brand IP, which is currently licensed to Ola Electric, a separately listed electric vehicle (EV) company, in exchange for a fee. The proposed shift in ownership comes amid broader questions over the cross-holding of assets within the Ola ecosystem. The firms–ranging from ANI to Ola Electric and AI startup Krutrim–have overlapping but distinct shareholder bases.
Government asks ARAI to probe Ola Electric's sales figure mismatch, consumer complaints
The Heavy Industries Ministry has instructed the Automotive Research Association of India (ARAI) to investigate discrepancies between Ola Electric’s reported sales and actual vehicle registrations, alongside consumer complaints. The company has faced regulatory scrutiny and a temporary registration backlog. Additionally, insolvency proceedings were initiated against its arm, Ola Electric Technologies.
Ola Electric shares hit record low after unit faces insolvency petition
Rosmerta Digital Services, a vehicle registration service provider and an operational creditor of Ola Electric Technologies, has filed a petition against the unit alleging default of payment for its services, Ola Electric said in an exchange filing on Saturday.
Ola Electric’s subsidiary faces insolvency plea over payment dispute
Rosmerta Digital Services filed an insolvency plea against Ola Electric Technologies over alleged payment defaults. Ola Electric disputes the claims and plans legal action while restructuring contracts, managing layoffs, and targeting Ebitda profitability next quarter.
Ola Electric EV business to be Ebitda positive next quarter: Bhavish Aggarwal
The EV maker, in an exchange filing, said it expects the automotive segment's Ebitda breakeven in Q1 FY26, as a result of company-wide initiatives to reduce cost and improve customer experience.
Ola Electric cuts 1,200 jobs amid financial losses, declining market share
Ola Electric layoffs comes just months after the company, led by Bhavish Aggarwal, made 300-400 employees redundant—less than 10% of its workforce—citing a stronger emphasis on profitability.
Ola Electric said to cut over a thousand jobs to stem losses
Ola Electric Mobility Ltd. is laying off over a thousand employees and automating operations to reduce costs amid rising losses and market share decline. The restructuring, impacting various departments, is the second round of layoffs in five months at the SoftBank-backed scooter maker.
Ola launches S1 Z and Gig: Its most affordable electric scooter yet at Rs 39,000
Ola Electric is launching two new affordable electric scooter models, the S1 Z and Gig range, starting at Rs 39,000. Deliveries begin in April 2025. This comes amidst customer service complaints and a recent company restructuring that included layoffs.
Ola CFO Kartik Gupta steps down two weeks after CEO exit
Kartik Gupta, Ola's CFO since November 2023, is stepping down just two weeks after chief executive Hemant Bakshi left the firm.
Ola Cabs brings back Ankush Aggarwal to its ride-hailing biz
Amid top-level changes at Ola Cabs, founder Bhavish Aggarwal’s brother Ankush Aggarwal has returned to the ride hailing business after a stint with electric scooter maker Ola Electric. Ankush has also been made chief executive of Ola Financial Services.
Ola Cabs CEO Hemant Bakshi resigns; company to layoff 200 employees
Ola Cabs' CEO Bakshi leaves. This comes as the firm is preparing to file draft listing papers in the next three months.
IPO-bound Ola Electric hires former Byju’s senior executive Jitesh Shah to lead after-sales
As part of his new responsibilities at the public markets-bound firm, Shah is spearheading an expansion of Ola’s service centres and fast-charging network, as well as an extension of warranty on all new scooter sales announced by the firm in February, they added.
Ola Electric converts into public limited company ahead of IPO filing
The conversion of a private limited company into a public company is a mandatory step for a firm that wants to list on the stock exchange. Consequently, the name of the firm has been changed to Ola Electric Mobility Ltd from Ola Electric Mobility Private Limited, according to the regulatory filings.
Ola Electric cuts 200 jobs; plans to hire 3,000 to focus on non-software engineering domains
On the other hand, Ola Electric said it "currently has around 2,000 engineers and aims to increase its engineering talent pool to 5,000 over the next 18 months." On August 15, the company had announced plans to enter the electric car segment with plans to launch its first model by 2024.
Ola fires 200 more engineers in fresh round of layoffs
The company had laid off around 1,000 employees already this year as the company repurposed its focus to the ride-hailing and EV business.
Ola Electric to open "experience centres" to bolster scooter sales
The company had said earlier that it was at the forefront of disrupting traditional automotive distribution channels by selling directly to consumers online through the Ola app.
Ola to lay off 1,000 employees while hiring aggressively for EV biz
The entire restructuring exercise – which is expected to be on for a few weeks more - is to focus more on its electric mobility business, where it is hiring “aggressively”, according to executives engaged in the recruitment process. The process has been ongoing across verticals including mobility, hyperlocal, fintech, and its used cars businesses.
Ola starts handing pink slips, defers appraisal
The SoftBank-backed firm has started laying off employees across functions, said people in the know, but did not share the number of job cuts. News reports suggested that this could be around 400-500 employees.
Ola Electric to hire 2,000 people globally, launch e-scooter soon
In May this year, ride hailing major Ola had announced laying off 1,400 employees from rides, financial services and foods business as its revenues had declined due to coronavirus pandemic-induced lockdowns.
Load More
