According to The Economic Times, Ola, an Indian ride-sharing company, may fire 500 staff in order to reduce expenses in the face of a challenging socioeconomic environment. The firm is apparently concentrating its financial resources on Ola Electric, which makes electric scooters.
Ola would be firing 45% of its workers, or approximately 1,100 employees, from its main business.
The firm has also shut down a number of companies as a result of this transition, including its used-car division Ola Cars, quick-commerce division Ola Dash, and food-related businesses Ola Foods, Ola Cafe, and Foodpanda throughout the nation.
The taxi aggregator stated that Ola Electric’s operations will be supported by Ola Cars’ technology and capabilities.
Additionally, the business will halt its ambitions for an IPO and international development.
The Ola Electric company has been requested to provide an explanation for why one of its electric scooters caught fire in the Indian city of Pune in March of this year as part of an investigation into Ola Electric’s business practices.
With operations in India, Australia, New Zealand, and the UK, Ola was launched in 2010 by Bhavish Aggarwal and Ankit Bhati.
