edited by: Mohammad Haris
Last Update: January 13, 2023, 12:52 pm IST
Ola reported a 65 per cent drop in revenue to Rs 689.61 crore in FY21.
An Ola spokesperson says the company regularly undertakes restructuring exercises to improve efficiency, and there are roles that are now redundant
According to media reports, cab aggregator Ola has laid off employees in some of its verticals as part of a restructuring exercise. The Bengaluru-based company has given pink slips to around 200 employees from its technical and product teams, and engineering roles have been the most affected, he said.
“We undertake regular restructuring exercises to improve efficiencies, and there are roles that are now redundant. We will continue to make new hires across our key priority areas, including senior talent in engineering and design,” according to an Ola spokesperson. .
according to a report by ink42 Sources were quoted as saying that the fired employees are from Ola Cabs, Ola Electric and Ola Financial Services verticals.
The spokesperson said, ‘This is business restructuring and rationalization (exercise). There will be new recruits in the focus teams.”
The spokesperson said the company may increase hiring in several verticals, including engineering and design.
According to regulatory filings, Ola reported a 65 per cent decline in revenue to Rs 689.61 crore in FY2011. The company reported its maiden operating profit (earnings before finance costs, depreciation, amortization, and taxes or EBITDA) of Rs 89.82 crore on a standalone basis. Due to this, it had incurred a loss of Rs 610.18 crore in the previous financial year.
This week, Ola also spun off its neobanking firm Avail Finance, which it acquired in March 2022. According to a report in ET, Ola plans to merge Avail Finance with its subsidiary Ola Money and has stopped lending through the neobanking platform.
E-commerce company Amazon has started laying off its employees. India As per reports, as part of its biggest retrenchment exercise across the globe. Amazon has sent an email to the concerned employees informing them that they have been removed.
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