Skip to main content

Ola Lays Off 200 Employees Across Verticals

Ola has laid off round 2 hundred personnel from its tech and product groups as a part of a restructuring workout, with engineering roles being impacted the most, reassets informed Inc42.

The laid off personnel are from Ola Cabs, Ola Electric, and Ola Financial Services verticals, the reassets added.The enterprise has supplied severance applications as in step with their respective word periods, they stated, including that the layoffs commenced in advance this week.

Confirming the improvement, a Ola spokesperson informed Inc42 in a statement, “We frequently behavior restructuring physical games to enhance efficiencies, and there are roles that are now redundant. We will maintain making new hires in engineering and layout which include senior skills in our key precedence areas.”

It should be cited that overdue remaining 12 months Ola rescinded its plans to terminate 2 hundred engineering roles. However, a supply stated that the trendy layoff workout is precisely similar to the only which became prepurported to take vicinity remaining 12 months.

The trendy improvement comes an afternoon after reviews stated that Ola is probably to close down its currently obtained Avail Finance App and combine it with Ola Money.

Ola, which began out as a cab aggregator, is making access into the top rate EV cab provider class with a fleet of 10,000 vehicles. Earlier this month, the enterprise stated it became withinside the very last ranges of rolling out the pilot of the brand new class.

Ola`s new fleet can be operated with the aid of using top-quality drivers, and could offer advantages like 100% experience warranty submit allocation of cab, 0 cancellations, and 100% cashless payments, the enterprise stated in a statement.

The trendy pilot comes at a time whilst social media is packed with court cases from Ola clients approximately drivers cancelling rides and annoying coins payments.

The startup, which has of overdue grew to become its awareness toward electric powered vehicles, plans to release a couple of electric powered -wheelers, which include top rate motorcycles, over the subsequent years. It additionally plans to pop out with its electric powered automobile in 2024.

Ola has been on a cost-reducing mode on account that remaining 12 months. The startup, that is chasing profitability, has now no longer handiest laid off hundreds of personnel however has additionally close down coins-guzzling verticals inclusive of infotainment provider Ola Play, used-vehicles platform Ola Cars, and quick-trade vertical Ola Dash.

The investment wintry weather and macroeconomic headwinds hit the Indian startup surroundings tough in 2022, ensuing in layoffs and shutdowns. As in step with Inc42`s layoff tracker, Indian startups laid off over 18,000 personnel remaining 12 months.

The alternate in 12 months has didn’t alternate fortunes of the Indian startup surroundings because the layoffs have persevered in 2023 as well. Harappa Education, LEAD, and Moglix are most of the startups whose layoffs have been said in advance this month.


Popular posts from this blog

What should you know about Redeeming Mutual Funds?

The world of mutual funds is really tricky if you are not focused.   It is not rocket science but you have to be dedicated so as to make the most of your investments.   Whether to invest in ELSS, SIP or other schemes; the choices is always yours. It is always better to go through the option before you make the decision. If you are thinking How to redeem mutual funds online then the good news is that the process is quite easy. And on the basis of the kind of mutual fund you hold, money can get credited to your bank account in a maximum of four to five working days after you submit a redemption request to that specific fund house. How can an investor redeem mutual fund units? A unit of a mutual fund can get redeemed on any business day. In the physical mode, investors might require to fill in the requisite transaction slip and it can be download from the fund house website or that of detach from the bottom of your account statement.   The redemption application could get submitted

Invest your money to get good returns

Money is everything which one needs to enjoy life. In everyone’s life, money can never be sufficient at any stage. Therefore every individual wants to save money and to invest that saved money to get high returns. Investing money on the right platform is not easy with an increase in companies of investment. There are many duplicate companies present in the market which promises to give high returns, and after investment, they cheat on you. One needs to check the company profile before investing the money. Every investor looks for an option where he gets high returns on low risk or moderate risk.   Each shareholder also wants that the company where he is going to invest, is flexible and transparent. Thus the company which satisfy all these points is only mutual fund. Mutual fund: A mutual fund is an investment company with a very reputed name in the share market. A mutual fund is known for its transparency, flexibility, returns and for interesting offers. There is a number of invest

SEBI restrains Poonawalla Fincorp MD, 7 others

The Securities and Exchange Board of India (SEBI) has barred Abhay Bhutada, director of Poonawalla Finance, and 7 others from accessing the stock exchange after alleged trading . In a 46-page interim order, SEBI said the eight entities had made total wrongful gains of Rs 13.58 crore through trading in shares of Magma Fincorp (now Poonawalla Fincorp) round the time it had been acquired by Rising Sun Holdings (RSHPL). All the Entities, viz: Entity nos. 1 to eight are restrained from buying, selling or dealing in securities, either directly or indirectly, in any manner whatsoever until further orders,” the market regulator said witin the interim ex-parte order. RSHPL had earlier this year acquired a controlling stake within the NBFC through an equity infusion of Rs 3,456 crore. Bhutada was director and CEO of Poonawalla Finance, a subsidiary of RSHPL. Bhutada allegedly passed on unpublished price sensitive information (UPSI) to some connected entities, consistent with SEBI’s interim order