Sunday, December 10, 2023

Ola lays off employees, calls it ‘restructuring’ exercise: Report

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Cab aggregator Ola has reportedly laid off employees from various verticals as part of its ‘restructuring’ exercise. The employees affected are from Ola Cabs, Ola Financial Services and Ola Electric, news website Inc42 reported.

Ola has also offered severance packages as per the respective notice period. A company spokesperson told the website that Ola regularly conducts restructuring exercises to improve efficiencies. The company spokesperson said there were roles which are now redundant and hirings in engineering and design including senior talent will be prioritised.

The layoff exercise comes at a time when the company is expanding its electric vehicle business in the country.

Last month, hotel aggregator Oyo Hotels and Homes Pvt Ltd announced its decision to cut 600 jobs across its corporate and technology departments. The company said product and engineering teams had been merged allow smoother functioning.

In November last year, edtech firm Unacademy had fired about 350 employees in the third round of layoffs in a year. The company’s founder and CEO in an internal email to his employees had cited harsh economic conditions as the reason behind the downsizing.

Online giant Amazon has already announced it is going to lay off 18,000 employees with chief executive officer Andy Jassy saying the company has battled uncertain and difficult economies in the past and will continue to do so.

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