Cab aggregator Ola has started laying off employees across product and tech teams as part of a ‘restructuring’ exercise. According to an Inc42 report, over 200 employees have been handed the pink slips in this process.
The people who have been let go were working in various roles across Ola Cabs, Ola Electric, and Ola Financial Services verticals. Sources have told Inc42 that since the layoffs started earlier this week, the company has offered severance packages as per the respective notice periods.
It was also informed that the current layoffs were expected to have taken place late last year but were postponed for a while. Ola confirmed the news about layoffs and told Inc42 that the company regularly conducts restructuring exercises to improve efficiencies, and there are roles which are now redundant. Ola added that it will continue hiring new employees across engineering and design including senior talent in key priority areas.
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The Bengaluru-based start-up that began as a cab service provider has also been expanding into the electric vehicle (EV) segment of late. Recently, the firm announced that a new project involving an EV fleet of 10,000 cars will have its pilot launch soon.
The company is also launching electric two-wheelers that has attracted a lot of attention on social media. It is also in talks to come out with its own electric car in 2024.
Earlier this week, Ola also shut down its neo-banking arm Avail Finance, which was acquired in March 2022. The firm is reportedly planning to merge Avail Finance with Ola Money—an Ola subsidiary—and has stopped its neo-bank lending business.
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