Ride hailing and electric vehicle manufacturing company, Ola, has laid off around 200 people across teams, Business Today has learnt.
Fresh downsizing round
An employee who was laid off from the company last week told Business Today, "About 200 people have been terminated this week. I was in the tech team, I'm looking for other opportunities now."
Sources claim that the layoffs have been across Ola Cabs, the ride hailing business, and Ola Electric, the electric vehicle manufacturing company.
Business Today reached out to the company for confirmation on the same, the company spokesperson said that this downsizing round was part of their restructuring exercise.
The spokesperson said, "We regularly conduct restructuring exercises to improve efficiencies, and there are roles which are now redundant. We will continue making new hires in engineering and design including senior talent in our key priority areas."
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It is worth noting that the company had been mulling downsizing its workforce by 200 people since last September to reduce redundancies.
Concerning Financials
As per regulatory filings, in FY 21 the company reported a 65 per cent decline in revenue at Rs 689.61 crore. The company reported its first ever operating profit (profit before finance cost, depreciation, amortisation and tax or EBITDA) at Rs 89.82 crore on a standalone basis. It had registered a loss of Rs 610.18 crore in the previous financial year.