Ola to lay off 1,000 employees in massive restructuring move

Mobility startup Ola is planning to lay off around a 1,000 employees in a bid to shift its focus towards Ola Electric, which is reportedly planning to hire 800 people, in a massive restructuring move.

The company earlier had a plan to lay off 400-500 people, but now according to reports, the number is likely to go up to 1,000.

The company is in the process of evaluating which employees to keep, and this could go on for a few weeks.

According to some reports, employees were being asked to voluntarily resign, and appraisals were being delayed in the hope that they would resign.

Also read: Ola Electric unveils indigenously made Li-ion cell

“Team — We understand the anxiousness around Driven (Ola’s appraisal programme). As you would know by now, we are working on the restructuring of some of our businesses and will follow it up with Driven,” wrote Ola’s HR officer, Balachandar N, on the internal communications group on Slack on July 6.

Reports say that Ola is closing three of its businesses — used car, cloud kitchen, and grocery delivery — signalling its shift in focus on mobility, fintech and electric vehicle businesses where many of the laid off employees will be reassigned.