The exits occurred shortly after a major restructuring initiative announced in November 2024, which involved laying off around 500 employees. The company, however, has yet to issue a comment regarding the departures.
Chatterjee, who joined Ola in 2017 as Head of Design, played a key role in the development of key products such as Ola Krutrim and Ola Maps. He was later promoted to Chief Technology and Product Officer in 2021. Prior to his tenure at Ola, Chatterjee had worked at Housing.com and Flipkart.
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Khandelwal, on the other hand, joined Ola in 2019, following its acquisition of Foodpanda, where he had been working as Head of Marketing. He initially took on the role of Head of Marketing at Ola Foods before rising through the ranks to become the CMO of Ola Electric in 2022.
These recent departures add to a list of senior-level exits in the past few years. In 2019, the company lost its co-founder and former CTO, Ankit Bhati. Earlier this year, Pramendra Tomar, the company secretary and compliance officer, also left the company. In December 2024, Ola Electric’s Chief People Officer, N Balachandar, resigned as well.
The timing of the exits is notable, as they come just days after the company announced a major expansion of its retail and service network, which aims to increase its number of stores from 800 to 4,000 across India.
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Despite these changes, Ola Electric reported a narrowing of its net loss for the second quarter of 2024. The company’s consolidated loss dropped to ₹495 crore from ₹524 crore in the same quarter of the previous year, helped by a jump in sales and a reduction in raw material costs. Revenue for the quarter rose by 39% year-on-year, reaching ₹1,214 crore, up from ₹873 crore in the previous year.
Ola Electric has also faced significant challenges in recent months, particularly concerning negative publicity regarding the after-sales service of its electric scooters. This, combined with increased competition in the e-scooter market from incumbents like Bajaj, has put pressure on the company.
Additionally, Ola has been known for its demanding work culture, which has contributed to high turnover in senior positions. Earlier this year, Ola Cabs’ CEO resigned within just four months of taking on the role, further raising concerns about leadership stability.
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