Ola May End Up Firing Another 500 People in Order to Save Money

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Ola May End Up Firing Another 500 People in Order to Save Money
06 Jul 2022
6 min read

News Synopsis

While Bhavish Aggarwal focuses his efforts on Ola Electric, the ride-hailing platform Ola plans to lay off up to 500 employees across departments in order to cut costs and streamline operations in the midst of the ongoing funding winter. According to reliable sources, SoftBank-backed Ola has asked senior executives to identify employees in their teams who can be asked to leave based on performance.

To maintain its "strong profitability," the company is reportedly considering "leaner and consolidated teams." Ola, which has delayed its IPO plans, is also said to be shopping its global investment plans in order to expand further abroad. In its core ride-hailing business, the company currently employs nearly 1,100 people and competes directly with Uber.

Ola shut down its used vehicle business, Ola Cars, as well as its quick-commerce business, Ola Dash, last month. Ola Cars was shut down within a year of its launch as the company focused on its electric two-wheeler and electric car verticals.
So far, Ola has closed down Ola Cafe, Food Panda, Ola Foods, and now Ola Dash.

"Ola has reassessed its priorities and decided to shut down Ola Dash -- its quick commerce business. Ola will also be reorienting its Ola Cars business to focus more on strengthening the go-to-market strategy for Ola Electric," the company had said in a statement.

TWN Opinion