Ola Electric has laid off more than 1,000 employees and contract workers as the company looks to curb rising losses, Bloomberg reported. The cuts impact several departments, including procurement, fulfillment,

Ola Electric Mobility Ltd. is laying off over a thousand employees and contract workers, people familiar with the matter said, as one of India’s top scooter-makers races to pare ballooning losses.

Ola Electric Mobility is laying off over a thousand employees and contract workers, Bloomberg News reported on Monday, citing people familiar with the matter.

This is the second round of layoffs in less than five months. In November, the company had laid off around 500 employees.

The job cuts at Ola Electric may happen at multiple departments such as procurement, fulfillment, customer relations and charging infrastructure.

The Bengaluru-based electric vehicle (EV) manufacturer will reportedly slash jobs across departments such as fulfillment, procurement, customer relations, and charging infrastructure.

Ola Electric Mobility's shares dropped over 5% amid news of over a thousand layoffs. Having fallen 66% since debuting last year, the company faces restructuring challenges. Reports attribute layoffs to automation advances.

SoftBank-backed Ola Electric has laid off over 1,000 employees as part of a restructuring move to cut costs and improve margins, even as it struggles with mounting losses and rising competition