Indian ride-hailing giant Ola cuts 180 jobs in profitability push
Reading Time: < 1 minutesThe Bengaluru-headquartered startup, which counts SoftBank and Tiger Global among its backers, is undergoing a ‘restructuring exercise’ to gear up for its ‘next phase of growth,’ Aggarwal, pictured above, wrote in the email.
The move follows Ola ceasing its operations in the U.K., Australia and New Zealand earlier this month. Bakshi, a former HUL executive, was appointed as Ola chief executive in January this year.
Ola, which competes with Uber in India, is looking to go public later this year, after the planned public debut of Ola Electric, a startup that spun out of the ride-hailing firm. Both the startups were founded by Aggarwal, who has since also founded the AI startup Krutrim, which became a unicorn in January. Ola Electric is seeking to raise more than $650 million in its initial public offering, according to paperwork filed by the firm.
You can read Aggarwal’s Monday email to staff in its entirety below.
Ref: techcrunch
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