As per news source, the online cab booking platform Ola is in a process of laying off 20% of its workforce. This step is taken to cut down cost and course correct for the over-hiring done in the past few years. With an employee size of approximately 5,000, this is expected to impact the job status of around 1,000 employees.
The news source also reveals that already three rounds of layoffs took place over last few weeks and around 500 employees have been asked to leave.
Downsizing the workforce is a part of an elaborate cost optimization projects dubbed as Manthan. It aims to reduce its workforce by 20% over the next 4-6 months.
A company spokesperson said that only 5-7% of Ola’s 4,500 employee base has been affected as part of this exercise.
Ola’s last reported workforce base was around 6,000. However, over the last one year, the firm has seen multiple exits coupled with a wave of layoffs within its food-delivery vertical Foodpanda, shrinking the size of its employee base to around 5000.
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