The ride-hailing app Ola is aiming to fire up to 500 people across departments as it attempts to reduce costs and streamline operations in the midst of the ongoing financial winter as Bhavish Aggarwal concentrates his efforts on Ola Electric.
Reliable sources claim that the SoftBank-backed Ola has instructed senior executives to identify team members based on performance who can be asked to leave. The company is reportedly looking at “leaner and consolidated teams” to keep its “strong profitability intact”.
Ola, which has postponed its IPO preparations, is also said to have abandoned its international expansion plans. The business directly competes with Uber and presently employs close to 1,100 people in its primary ride-hailing operation.
Ola shut down Ola Cars, a used car company, and Ola Dash, a quick-commerce company, last month.
Within a year of its inception, the business closed Ola Cars in order to concentrate on its electric two-wheeler and electric automobile verticals. Food Panda, Ola Foods, Ola Cafe, and now Ola Dash have all been closed by Ola thus far.
Ola now plans to increase its investments in its financial services, cell manufacturing, and electric vehicle businesses. Along with other prominent EV businesses such as Okinawa Autotech, Pure EV, Jitendra Electric Vehicles, and Boom Motors, Ola Electric is being investigated by the government for faulty batteries in its electric two-wheelers.
The Center has now delivered show cause notes to EV makers, telling them why criminal action should not be taken against them for distributing substandard electric two-wheelers to the public in response to the ongoing EV fire occurrences. The EV manufacturers have till the end of July to provide a thorough response to the warnings.