As Ola company aims to reduce cost and streamline operations in the midst of ongoing funding winter, Bhavish agarwal focuses his energies towards Ola electric the ride – hailing platform Ola is planning to lay off upto 500 employees across departments. As per sources, SoftBank- backed Ola has asked senior executives to find employees in their teams on performance basis who can be asked to go.
The company is looking at leaner and consolidated teams to keep its strong profitability intact. The company also reportedly shopped its global investment plans to further stretch overseas. At present, the company has almost 1100 employees in its core ride – hailing business and directly competes with Uber.
Ola shut down its used vehicle business Ola cars and Ola dash, its rapid- commerce business. Within one year of its launch, Ola shut its cars, as it targets electric two- wheeler and electric car verticals. So far, Ola Cafe, food panda, Ola Foods and now Ola dash were shut down by the company.
Ola electric, amid several high profile exits, is also facing scrutiny over faulty batteries in its electric two wheelers, among other EV, Jithendra electric vehicles, and Boom motors by the government.