Ola trims office space amid declining EV demand
Ola just let go of nearly 170,000 sq ft of office space in Bengaluru, aiming to cut costs as demand for its electric scooters drops.
This comes amid an announcement that approximately 5% of the workforce will be impacted as part of an ongoing structural transformation and a push toward more automation.
Even after these changes, Ola still holds onto a hefty 427,000 sq ft at Prestige Startech for its main teams.
Key highlights
Over 112,000 sq ft vacated at Prestige-RMZ Startech (Koramangala) and another 60,000 sq ft at Infozone (Electronic City).
A decline in Ola Electric's market share has been reported in recent months.
The company reported a quarterly net loss and a dip in revenue.
Lease details
Despite all the downsizing talk, Ola's lease on its main office runs till October 2030.