A Cabs, a Bangalore-based cab aggregator, has begun to lay off employees. As part of its “restructuring process,” the firm has sent pink slips to 200 individuals across tech, engineering, and product departments, according to news portal Inc42.
It was also revealed that those fired were from the Ola Cabs, Ola Electric, and Ola Financial Services departments. Employees on the engineering team have been the most affected. In September, the firm announced the layoff of 200 employees.
“We constantly undergo reorganization exercises to increase efficiency, and certain functions have become obsolete. We will continue to make additional engineering and design recruits, including senior expertise in critical priority areas “According to the article, an Ola representative.
The corporation revealed intentions to lay off up to 1,000 staff in 2022. It has requested that the staff retire freely.
Ola’s restructuring was then projected to last a few more weeks. It was taking conducted in an effort to transfer attention to the company’s electric transportation division.
Bhavish Aggarwal, the business’s creator, told Business Standard in December 2022 that the company will begin manufacturing lithium-ion cells and create additional goods, such as scooters and tiny, lightweight commercial vehicles.
“We’ve been working on some of these things behind the scenes, and you’ll see us introducing many of these goods over the next 12 months,” he said.
Earlier this week, the business also shut down Avail Finance, a neo-banking startup it purchased in March 2022.
It also intends to integrate Avail Finance with its subsidiary Ola Money and has discontinued lending through the neo-banking platform.