EV maker Ola Electric CTO and CMO resign, Here's why

Bengaluru-based EV giant Ola Electric said that two of its senior leaders, Chief Marketing Officer Anshul Khandelwal and Chief Technology and Product Officer Suvonil Chatterjee, have resigned from their positions.

Their departures took effect on Dec. 27, 2024.

Key resignations

Khandelwal and Chatterjee each cited personal reasons for stepping down, according to resignation letters addressed to Ola Electric management. Both expressed gratitude for their time at the company, highlighting Ola’s rapid growth and the supportive team culture.

The company confirmed that neither Khandelwal nor Chatterjee is related to any of the company’s directors. Sources indicate that internal candidates may replace the outgoing executives as part of Ola Electric’s larger restructuring efforts.

Ongoing restructuring

Bhavish Aggarwal-led Ola Electric has been undergoing a restructuring exercise for the past few months. In November, multiple media reports suggested that this process was expected to affect over 500 employees—about 12% of Ola Electric’s workforce of 4,000. The company aims to remove redundant roles, improve efficiency and margins, and move closer to long-term profitability, reports indicated.

Similar restructuring efforts took place in 2022 ahead of Ola Electric’s initial public offering. The company’s IPO launched on Aug. 2, 2024, and concluded subscriptions on Aug. 6, 2024. Its shares listed on the BSE and NSE on Aug. 9, 2024.

Financial and operational highlights

Ola Electric’s first financial results post-IPO, for the quarter ending June 30, 2024 (Q2 FY25), showed a 38.5% year-on-year increase in revenue to Rs 1,240 crore. Deliveries also rose by 73.6%, with 98,619 units delivered compared to 56,813 in the same period the previous year.

Despite these robust numbers, the recent restructuring suggests a focus on sustaining growth while managing costs. The company’s network expansion has also been noteworthy: Ola Electric recently announced reaching 4,000 stores across India, a four-fold increase from 800 earlier this month.