Ola Electric faces supplier insolvency petitions over 81cr overdue payments
Business
Ola Electric is in hot water for not paying its small-business vendors on time.
Overdue payments shot up from just 4.6% to a massive 80% in the past two years, leaving more than ₹81 crore unpaid past the legal deadline.
This has led several suppliers to take legal action and file for insolvency against the company.
Ola Electric revenue 2,253cr losses 1,833cr
It's not just about late payments: Ola Electric's sales have dropped sharply; revenue is down to ₹2,253 crore, and losses have ballooned to ₹1,833 crore.
With production slowing and supplier disputes piling up, the company's financial struggles are now out in the open.