Ola Electric’s CTO and CMO Step Down – Key Resignations
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.
The resignations took effect on December 27, 2024.
EV maker Ola Electric CTO and CMO resign, Here’s why
Reasons for Departure
Both Khandelwal and Chatterjee cited personal reasons for their decision to leave, according to resignation letters addressed to Ola Electric’s management. In their messages, they expressed their gratitude for the opportunity to contribute to the company’s growth, highlighting the rapid expansion of Ola Electric and the positive, team-oriented culture that the company fosters.
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.
Restructuring at Ola Electric
The resignation of the two senior leaders comes as part of a broader restructuring initiative that has been underway at Ola Electric for several months. In November 2024, reports indicated that this restructuring could impact around 500 employees—roughly 12% of Ola Electric’s workforce of 4,000. The company is focused on eliminating redundant roles, streamlining operations, and improving both efficiency and profitability.
This restructuring effort follows a similar initiative in 2022, as the company prepared for its initial public offering (IPO). Ola Electric went public in August 2024, with its IPO opening on August 2 and closing on August 6. The company’s shares began trading on the BSE and NSE on August 9, 2024.
Financial Performance and Expansion
Ola Electric recently posted strong financial results for the quarter ending June 30, 2024 (Q2 FY25). The company reported a 38.5% year-on-year increase in revenue, reaching Rs 1,240 crore. Deliveries also surged by 73.6%, with a total of 98,619 units delivered compared to 56,813 during the same period in the previous year.
Despite these impressive numbers, the ongoing restructuring points to a strategic focus on sustaining growth while controlling costs. In line with this, the company has also made significant strides in expanding its retail network, recently reaching 4,000 stores across India—an impressive fourfold increase from the 800 stores it had just earlier this month.
The leadership changes and restructuring signal Ola Electric’s ongoing efforts to optimize its operations and position itself for long-term success in the fast-evolving EV market.
