Electric vehicle company Ola electric is going to cut its work force. 400-500 employees can be removed. According to multiple sources (founder) Bhavish Aggarwal is making efforts to control operation costs for the company’s initial public offering.

The report further added that the final number of layoffs at Bengaluru-based Ola Electric could still change as the leadership team is currently determining the scale of the reductions, which are expected to affect various verticals. Although, some of the impacted employees may be replaced with new hires at a lower cost, but the overall headcount is expected to shrink.

“Inside, the (Ola Electric team) are finalising the list across different teams. Three to four teams have already decided on the numbers, but the cuts will be organisation-wide,” . According to source bhavish is reducing the cost across all avenue.

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Last year in January they fired 200 employees from all. And in april this year they fired 200 employees approx 10% from ola cabs .

Beside this company is also awaiting the markets regulator Securities and Exchange Board of India’s (SEBI) approval for an INR 7,250 Cr initial public offering (IPO). The IPO will comprise a fresh issue of INR 5,500 Cr and an offer-for-sale (OFS) component of INR 1,750 Cr.

The job cuts coincide with a recent downturn in demand for electric two-wheelers, affecting most players in the sector.

Despite a 35% month-on-month decline in vehicle registrations to 33,062 units, Ola Electric maintained its leading position, having recorded its highest-ever monthly registrations of over 50,000 units in March.

source:Et