Ola Plans to Fire 1,000 Employees: Ola Cabs is an Indian multinational ridesharing company, headquartered in Bangalore. It also operates in other business verticals including financial services and cloud kitchens. A variety of venture capitalists including Softbank have large stakes in the company.
Ola Plans to Fire 1,000 Employees:
According to a report from ET,
Ola intends to expand the hiring process for its electric mobility business while at the same time; the urban mobility company is in the process of laying off roughly 1,000 employees. the company intends to hire roughly 800 individuals for both cell development and car-related work.
According to the newspaper,
The reorganisation process is anticipated to continue for a few more weeks, and the company plans to increase its focus on its electric mobility sector. The process is ongoing in a variety of industries, including those that deal with used automobiles, mobility, hyperlocal, and finance. The employees who are expected to be laid off willingly resigned, the article claims. The company is prolonging the evaluation process for certain staff it intends to let go in the interim in hopes that they will resign.
On the other hand, the business is actively hiring as it prepares to produce lithium-ion battery cells and an electric vehicle. For each employee that is let go, the corporation plans to hire four new employees.
Due to financial strain, many Indian start-ups, including Ola, have turned to layoffs as a cost-cutting measure. Byju’s, a unicorn edtech start-up, recently let go of over 600 employees, including both permanent and contract workers.
In addition to Byju’s, new-generation businesses in India this year have laid off over 5,000 workers, including Vedantu, Unacademy, and Cars24. Ola let off over 2,100 workers between January and March of this year, followed by Unacademy (about 600), Cars24 (600), and Vedantu (400) in addition. Let’s wait and see what’s going to happen soon we will update this. Follow our site for daily updates regarding this.