500 Staff Could lose the Job by Ola as part of Cost-Cutting initiative!!! Significantly Bring down its Costs.In an effort to dramatically reduce expenses, the Bengaluru-based company Ola, a cab aggregator, is set to lay off 400 to 500 workers. The job cutbacks are occurring across departments and are occurring amid mounting concerns about the funding situation.
Days prior, the company chose to close Ola Cars, a used car company, and Ola Dash, a 10-minute grocery delivery service that was introduced by the mobility platform. In order to grow the Ola Electric sales and service network, the business has repurposed its infrastructure, technology, and Ola Cars capabilities.
Eight months after its start, the company shut down Ola Cars, its used car division, in order to focus on its electric two-wheeler and car verticals.The companies Ola Cafe, Food Panda, Ola Foods, and Ola Dash have all been cancelled so far.
An anonymous person with knowledge of the situation informed Money control that “key managers were requested to compile a list of employees from their respective teams who can be let go last week.”
Another insider was reported by the publication as adding that cutting cash burn heavy operations like Dash and workforce will allow it more operating scope and also show a profitable business if the company wants to go for public listing.
Currently, Ola has 5,000 employees working for it. The business also intends to scale in a way that does not jeopardise its high profitability while concentrating on smaller and more consolidated teams and capabilities.
The company’s ride-hailing division is producing “highest ever GMV” (gross merchandise value) coupled with profits month after month, and its electric vehicle (EV) division has quickly grown to become India’s largest EV company.
In May 2020, Ola cut off over 1,400 workers from its ride-hailing, financial services, and food businesses as a result of the disruptions brought on by the coronavirus epidemic, which led sales to drop by 95%.
Ola Electric said last month that it was on track to surpass the USD 1 billion (about Rs 7,800 crore) revenue by the end of this year after reporting that it had crossed Rs 500 crore in revenue in the first two months of FY2022-23.
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