Ola cuts 500 jobs and freezes assessment as funding issues worsen

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Ride-sharing platform Ola has started laying off employees, up to 500 of its nearly 1,100 employees, across all verticals as it aims to cut costs in a tough funding environment. Also Read – Senior Ola Executive Resigns: Another senior Ola executive resigns amid spate of resignations

The SoftBank-backed company has also postponed valuations as it targets “lighter, consolidated teams” to keep its “strong profitability intact,” sources say. Also Read – Government panel to propose battery certification and quality control standards to tackle electric vehicle fires

In an internal communication on the Slack communication platform, first seen by The Economic Times, Balachandar N., who is the director of human resources, said that “we understand the anxiety around Driven (the program of evaluation of Ola)”. Also Read – Ola plans to lay off up to 500 staff as part of cost-cutting exercise

“As you now know, we are working on restructuring some of our businesses and will continue to do so with Driven,” the internal communication read.

The layoffs begin as Shikhar Sood, Ola’s head of talent acquisition and head of talent acquisition for the entire Ola Group, put in his paperwork.

His resignation comes amid several senior leadership resignations.

Several former executives have said that “complaints about products, unit closings and the ‘act fast, think later’ culture have led to Ola’s recent troubles,” CNBC reports.

Last month, Ola closed its used vehicle business Ola Cars as well as Ola Dash, its quick trade business.

The company shut down Ola Cars within a year of its launch as it focuses on its electric two-wheeler and electric car verticals.

Ola has so far closed Ola Cafe, food panda, Ola Foods and now Ola Dash.

Meanwhile, Ola Electric, facing a government investigation into battery fires along with other players in the electric vehicle industry, has also had high-profile outings in recent months.

Earlier this week, Yashwant Kumar, senior director and business manager of the company’s charging networks, decided to move on.






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