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Context is everything.
Detailed stories on technology startups, business and economic current affairs.
Detailed stories on technology startups, business and economic current affairs.
An attrition rate just short of 50% has put the EV maker’s senior management in a constant state of churn. The result: a lack of stability and depth of experience expected in a company that aims to go public.
In December last year, when Bhavish Aggarwal’s Ola Electric Mobility filed its draft red herring prospectus for a public listing with the Securities and Exchange Board of India, one statistic stood out—the company’s 47.48% attrition in the 2022-23 fiscal year. This means that close to half its workforce changes every year, a remarkably high rate of churn.
This attrition level is significantly higher than other electric two-wheeler companies, which see a 10-20% churn, leave alone legacy auto makers, where it is under 10%. The number is shocking even when compared to employee attrition in India’s information technology sector, which was …
The startup isn’t sure where its future lies—in electric motorcycles or the more recently announced electric scooter? Unsurprisingly, none of the products have amounted to anything so far.
The EV maker is turning to gig-worker rentals to absorb its scooter output. But questions on cost, competition and execution make its latest pivot uncertain.
The EV maker is back for fresh capital as its businesses fail to generate enough to sustain themselves.
