Ola – The Ride hailing unicorn of India, top competitor of Uber in the region is reported to be looking to cut around 500 employees – in a cost cutting move as reported by Moneycontrol.
Ola had recently made it to the press that the company which initially was eyeing to make huge investments in UK, Australia and New Zealand has now reconsidered its position and no longer will be making those investments.
The layoffs news comes to light after the company recently shuttered a wing of its business – Ola Cars, which was in used cars business.
The company made a huge talk last year after its launch of most awaited of Ola electric scooter, which soon came to ground after there were a few incidents reporting fire and quality of the build. The demand eventually dropped to 12 months low.