As part of the restructuring, Ola has sacked around 200 employees from its tech and product teams. The layoff began last week across the verticals of Ola Cabs, Ola Electric, and Ola Financial Services.
According to Inc42, a statement by the company said, “We regularly conduct restructuring exercises to improve efficiencies, and there are roles which are now redundant. We will continue making new hires in engineering and design including senior talent in our key priority areas.”
This isn’t the first time Ola has announced layoffs. Before this, in 2022, the company was set to fire 200 staff. However, the company revoked its plan back then but seems to be executing it now.
Ola is shutting down its recently acquired Avail Finance app, as per the media reports, which also claimed the company is also integrating the app with OlaMoney.
Besides the macroeconomic conditions, Ola announced a series of expansion plans. "We had 100 experience centres at end of Dec 2022. Opening 100 more by 26th Jan across India,” Bhavish Aggarwal, Founder, and CEO of Ola tweeted recently.
At the beginning of 2023, Ola announced that it would launch a fleet of 10,000 electric cabs in the coming weeks. The new premium fleet will be operated by top-rated drivers and provide 100% ride assurance post allocation of the cab, zero cancellations, and 100% cashless payments, revealed the company. The new premium fleet is currently in pilot.
Some of the major companies that have kicked out their employees in 2023 are Alphabet, Vodafone, BlackRock, Coinbase, Amazon, Salesforce, Morgan Stanley, McDonald's, Goldman Sachs and others.