Sunday, January 29, 2023
Outlook.com
Outlook India
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Layoffs

Prior to the layoffs, the Bengaluru-based start-up told its employees that it would skip increments and restrict the hiring process for calendar year 2023

The layoffs have come as a one-time restructuring exercise to eliminate any redundancy in roles and responsibilities and have impacted employees across departments like tech, product, sales, and operations

Chasing profitability, the start-up has also shut down verticals including infotainment service Ola Play, used-cars platform Ola Cars, and quick-commerce vertical Ola Dash

The e-commerce giant cited an uncertain economic environment as a reason for the layoffs

The fintech plans to aggressively hire software engineers, technical leads and product managers for the launch of its flagship product in January 2023

While many CEOs who went on a guilt trip after announcing retrenchments assured assistance to their sacked employees, it remains questionable how serious are they about keeping their promise

The edtech uniform sacked 350 employees yesterday, which is around 10 per cent of its workforce

Onboarding a footballing legend like Lionel Messi while laying off people raises questions on whether the edtech brand is investing more in fanboy moments than running a profitable enterprise

The development comes a week later after Ola onboarded new members across key positions for its electric vehicle business, Ola Electric, to unify operations

The company turned unicorn last year after raising $150 million in a Series E funding round led by Mubadala Group at a valuation of $3.2 billion