Ola, which has delayed its IPO plans, has reportedly bought its global investment plans to further expand overseas.
Highlight
- Ola aims to cut costs and streamline operations amid ongoing funding winter
- Ola has so far shut down Ola Cafe, Food Panda, Ola Foods and now Ola Dasho
- Ola aims to invest more in its electric car, cell manufacturing and financial services business
ola news updatesAs Bhavish Agarwal focuses his energies towards Ola Electric, ride-hailing platform Ola is planning to lay off 500 employees across various departments as it aims to cut costs and ramp up operations amid the ongoing funding winter. is to be organized.
According to reliable sources, SoftBank-backed Ola has asked senior executives to find employees in their teams based on performance who can be asked to leave.
The company is reportedly looking at “lean and consolidated teams” to keep its “strong profitability intact”.
Ola, which has delayed its IPO plans, has reportedly bought its global investment plans to further expand overseas.
The company’s core ride-hailing business currently has about 1,100 employees and competes directly with Uber.
Last month, Ola spun off its old vehicle business Ola Cars as well as Ola Dash, its instant-commerce business.
The company discontinued Ola Cars within a year of its launch, as it focuses on its electric two-wheeler and electric car vertical.
Ola has so far discontinued Ola Cafe, Food Panda, Ola Foods and now Ola Dash.
The company had said, “Ola has reevaluated its priorities and has decided to wind up Ola Dash – its Accelerated Commerce business. Ola to focus more on consolidating its market-going strategy for Ola Electric Will also reinvent its Ola cars business.” a statement.
It added that the infrastructure, technology and capabilities of Ola Cars will be “remodeled to enhance Ola Electric’s sales and service network”.
Ola now aims to invest more in its electric car, cell manufacturing and financial services business.
Ola Electric, amid several high-profile exits, is facing an investigation by the government into faulty batteries in its electric two-wheelers by Okinawa Autotech, Pure EV, Jitendra Electric Vehicles and Boom Motors among other EV players.
Concerned over the frequent incidents of EV fires, the Center has now sent show cause notices to EV manufacturers, warning them as to why punitive action should not be taken against them for transporting defective electric two-wheelers to the public.
EV manufacturers have been given time till July end to respond to the notice in detail.
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