Asia Tech Wire (June 3) -- Indian electric two-wheeler company Ola Electric plans to lay off up to 500 employees ahead of its IPO, according to the Economic Times.

Ola Electric is considering laying off around 400 to 500 employees in the next few weeks to control operating costs ahead of its IPO, the report said.

The company intends to raise Rs 550 crore through sale of fresh shares and its IPO application is awaiting approval from market regulator Securities & Exchange Board Of India (Sebi).

Ola Electric has 3,733 employees as of October 2023, according to its IPO filings.

Founded in 2017, Ola Electric, the EV arm of Indian ride-hailing startup Ola, had raised $250 million from SoftBank in July 2019, valuing it at nearly $1 billion.