Login

Ola Lays Off Nearly 500 Employees Amid Funding Issues - Report

Ola has reportedly laid off nearly 500 employees on a performance basis across various departments and limited their operations because of ongoing funding issues.
Calendar-icon

By car&bike Team

clock-icon

1 mins read

Calendar-icon

Published on July 9, 2022

Follow us on

google-news-icon
Story

Highlights

    Ola has set its future goals on energizing the Ola Electric platform, and the company is reportedly cutting jobs and has halted the performance appraisal of employees for this year. Ola has reportedly laid off nearly 500 employees on a performance basis across various departments and limited their operations because of ongoing funding issues. Ola had delayed their IPO plans to further expand overseas.

    Also Read: Unrealistic Targets, Toxic Environment at Ola, Say Former Employees – Report

    The company also recently shut down its vehicle business - Ola Cars, which was almost a year old but didn't gain much revenue and business. "Ola has reassessed its priorities and decided to shut down Ola Dash - its quick commerce business. Ola will also be reorienting its Ola Cars business to focus more on strengthening the go-to-market strategy for Ola Electric," the company had said in a statement.

    4dvhtqug

    Photo Credit: Twitter/Ola Electric

    Ola's most highly promoted Electric two-wheeler business is facing a government probe into battery fires. Leading EV fires have moderated sales to 130-200 units a day, and could affect Ola's target of selling 1 crore scooters a year. Ola's ride-hailing business currently has 1,100 employees, directly competing with Uber. The company has shut down Ola Cafe, food panda, Ola Foods, and Ola Dash.

    Calendar-icon

    Last Updated on July 9, 2022


    Stay updated with automotive news and reviews right at your fingertips through carandbike.com's Google News

    Related Articles

    Latest News