Ola has surrendered nearly 170,000 square feet of office space in Bengaluru as the ride-hailing and electric vehicle company cuts costs and recalibrates operations amid slowing electric two-wheeler demand, multiple people aware of the development told ET.
The company has given up over 112,000 sq ft at Prestige-RMZ Startech in Koramangala, giving up the entire seventh and eighth floors in Tower B. Global consulting and technology firm Accenture has taken over the floors, sources said.
At Infozone in Electronic City, where Ola runs its Battery Innovation Centre, the company last year surrendered nearly 60,000 sq ft out of about 200,000 sq ft it previously occupied. "Ola's surrender is largely part of internal consolidation rather than a market-driven exit, as demand for premium office space in Bengaluru remains strong, especially from GCCs and consulting firms," one of the people cited above said.
The person noted that Ola continues to occupy about 427,000 sq ft at Prestige Startech, which houses its corporate office and operations linked to Ola Electric and scooter businesses. The lease for this space was renewed last year for five years, till October 2030. Ola had moved into the recently surrendered space in April 2023, at a time when it was scaling multiple verticals rapidly, and operated its call centre from there until it was automated last year, sources said.
"The company has rationalised its office footprint over the last year" as demand recalibration and cost optimisation have become its priorities, another person familiar with the development said.
A company spokesperson said, "Ola Electric undertook a workspace optimisation last year as part of a broader business restructuring, which has already been disclosed. Beyond that, there are no foreseeable plans to further rationalise or expand the workspace."
The firm has also been undertaking a series of workforce restructuring measures, steadily reducing its headcount through 2024 and 2025 as it pivots towards automation and leaner operations.
The company has given up over 112,000 sq ft at Prestige-RMZ Startech in Koramangala, giving up the entire seventh and eighth floors in Tower B. Global consulting and technology firm Accenture has taken over the floors, sources said.
At Infozone in Electronic City, where Ola runs its Battery Innovation Centre, the company last year surrendered nearly 60,000 sq ft out of about 200,000 sq ft it previously occupied. "Ola's surrender is largely part of internal consolidation rather than a market-driven exit, as demand for premium office space in Bengaluru remains strong, especially from GCCs and consulting firms," one of the people cited above said.
"The company has rationalised its office footprint over the last year" as demand recalibration and cost optimisation have become its priorities, another person familiar with the development said.
A company spokesperson said, "Ola Electric undertook a workspace optimisation last year as part of a broader business restructuring, which has already been disclosed. Beyond that, there are no foreseeable plans to further rationalise or expand the workspace."
The firm has also been undertaking a series of workforce restructuring measures, steadily reducing its headcount through 2024 and 2025 as it pivots towards automation and leaner operations.
