Highlights
Resignation of Key Executives at Ola Electric Mobility Limited
Ola Electric Mobility Limited, a prominent electric scooter manufacturer, has announced the immediate resignation of two senior management officials: Anshul Khandelwal, the Chief Marketing Officer, and Suvonil Chatterjee, the Chief Technology and Product Officer.
According to a recent filing with the stock exchange, Ola Electric has indicated that both executives left their positions for personal reasons, with their resignations officially accepted as of December 27, 2024.
Khandelwal expressed his sentiments regarding his departure: “It has been an incredible journey, and I am grateful for the opportunities to contribute to Ola’s inspiring vision. I carry a deep sense of pride in being part of Ola Electric and wish the team continued success.”
Executive Departures and Company Expansion
The resignations are part of a growing trend of high-profile exits from the Ola Group. In October, the Secretary and Compliance Officer of Ola Electric also resigned, citing personal commitments.
This change in leadership comes shortly after Ola Electric’s announcement of plans to launch 3,200 new stores, aiming to expand its presence beyond metropolitan areas and tier I and II cities into smaller towns and tehsils.
Financial Performance Overview
- In Q2, Ola Electric recorded a 26% decrease in operating revenue, totaling Rs 1,214 crore, compared to Rs 1,644 crore in Q1 FY25.
- Despite this decline, the company experienced a 39% increase in year-on-year revenue, up from Rs 873 crore in Q2 FY24.
- Ola Electric reported a net loss of Rs 495 crore for the September quarter.
As of market closure, Ola Electric’s shares were trading near Rs 90.