Ola Electric CMO Anshul Khandelwal, CTO Suvonil Chatterjee resign

According to the sources, the executives leaving the firm are part of the restructuring efforts at Bhavish Aggarwal-led electric vehicle maker

Two senior executives at Ola Electric, Anshul Khandelwal, chief marketing officer, and Suvonil Chatterjee, chief technology and product officer, have tendered their resignations with effect from December 27, 2024, the firm informed the National Stock Exchange of India Limited (NSE) on Friday.

 

According to sources, the executives leaving the firm are part of the restructuring efforts at the Bhavish Aggarwal-led electric vehicle (EV) maker. This restructuring exercise has been ongoing for the last few months and is expected to conclude this month.

 

“Some senior people from within the organisation may replace these executives,” said a source.

 

In November, Ola Electric was conducting a restructuring exercise that was expected to affect over 500 employees across various roles within the organisation, according to sources. This accounted for over 12 per cent of the firm’s workforce, which stands at about 4,000 people. The aim was to remove redundant roles, improve efficiency, increase margins, and attain profitability, said people familiar with the matter.

 

 

The firm undertook similar restructuring exercises in 2022 ahead of its initial public offering (IPO).

 

Ola Electric Mobility Limited launched its IPO on August 2, 2024, concluding subscriptions on August 6, 2024. Shares were listed on the BSE and NSE on August 9, 2024.

 

The company released its first financial results post-IPO on August 14, 2024, for the quarter ending June 30, 2024 (Q2 FY25). It reported a 38.5 per cent year-on-year increase in revenue to Rs 1,240 crore, driven by a 73.6 per cent rise in deliveries (98,619 units delivered compared to 56,813 units in Q2 FY24).

 

Despite robust financial growth highlighting the demand for its EVs, the latest restructuring appears aimed at optimising costs to secure long-term profitability.

 

Khandelwal and Chatterjee resigned at Ola Electric at a time when the company recently touched 4,000 stores across the country, marking a four-fold jump from the earlier reported figure of 800 on December 2. The company said it has added 3,200 new stores to its existing network in less than a month.

 

The company said it is committed to driving large-scale EV adoption, enabling deeper penetration beyond tier-1 and tier-2 cities to almost every town and tehsil across India.

 

“We promised, and now we have delivered. Today marks a significant milestone in India’s EV journey as we expand our network to every city, town, and taluk,” said Bhavish Aggarwal, chairman and managing director, Ola Electric, recently about the setting up of the stores. “With our newly opened stores co-located with service centres, we have completely redefined the EV purchase and ownership experience, setting new benchmarks with our ‘SavingsWalaScooter’ campaign,” Aggarwal said.