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Ola Electric, the electric two-wheeler manufacturer, announced in a regulatory filing that its Chief Product and Technology Officer, Suvonil Chatterjee, and Chief Marketing Officer, Anshul Khandelwal, have resigned from their respective positions.
Chatterjee, who initially joined the company as the Head of Design six years ago, played a crucial role in the development of key products such as Ola Krutrim and Ola Maps. He was promoted to the position of Chief Technology and Product Officer in 2021.
Khandelwal, who came on board in 2019, held the position of Head of Marketing and Revenue at Foodpanda before it was acquired by Ola in 2020. He later transitioned to the role of Head of Marketing at Ola Foods and eventually climbed the ranks to assume the position of Chief Marketing Officer at Ola Electric.
Last month, Ola group chief people officer N Balachandar had stepped down from his position.
In November 2024, Ola Electric disclosed a significant restructuring effort impacting at least 500 employees. This move followed two prior restructuring exercises in September 2022 ahead of the company’s IPO, during which new hires were announced. The purpose was to centralize and streamline operations across various sectors.
The recent departures occurred shortly after Ola Electric revealed plans to significantly expand its retail and service network, growing from 800 to 4,000 stores nationwide.
On November 8, Ola Electric reported a narrowed net loss in the second quarter, attributed to increased sales and reduced raw material costs. The company, headquartered in Bengaluru, stated that its consolidated loss shrank to Rs 495 crore in the July-September period from Rs 524 crore the previous year.
The shares of Ola Electric rose by up to 6% to reach a high of Rs 99.9 on Thursday following the announcement of the opening of over 3,200 new stores co-located with service centres. This move has marked India’s largest EV expansion in one go.
Despite a 30% increase in the last month, Ola Electric stock has witnessed an 8% decrease in the last three months.
The leading pure-play EV company in India has now expanded its presence to 4,000 stores nationwide, allowing for wider outreach to towns and tehsils across the country, including beyond tier-1 and tier-2 cities.
Ola Electric has just released a lineup of new scooters, which include the Ola Gig, Gig+, S1 Z, and S1 Z+ models. Their prices start at Rs 39,999, catering to the varying needs of users in urban, semi-urban, and rural areas. These scooters boast durable designs, removable batteries, and flexible solutions. Deliveries for these models are set to commence in April and May 2025, and bookings are currently available for Rs 499.
