Ola may lay off 1,000 staff to ramp up EV plans

NEW DELHI: As Bhavish Aggarwal-owned Ola is aiming to ramp up its electric vehicle business, the ride-hailing platform is planning to lay off around 1,000 employees.

As per media verticals like mobility, hyperlocal, fintech, and its used car operations have all been included in the process.

Recently, a report said Ola is laying off up to 500 employees across departments as it aimed to cut costs amid a challenging funding environment and a delay in listing plans.

Senior executives at the SoftBank-backed company were reportedly tasked with identifying team members who can be asked to leave based on performance.

The company aims at “leaner and consolidated teams” to keep its “strong profitability intact”.

The company had shut down its used vehicle business Ola Cars, as well as its quick-commerce business, Ola Dash, recently.