SoftBank-backed mobility platform Ola is in the process of laying off 400-500 employees in a move aimed at driving cost efficiency, revealed sources. They said these layoffs are taking place across departments, amid a challenging funding environment and a delay in listing plans for the Bhavish Aggarwal-led firm.
This development comes days after the company shut down its used vehicle busine Ola Cars and quick-commerce business Ola Dash which promised 10-minute food delivery. It has repurposed the infrastructure and capabilities of the Ola Cars business towards boosting the Ola Electric sales and service network. The company shut down Ola Cars within a year of its launch as it shifted focus to its electric two-wheeler and car verticals. Ola has, so far, shut down Ola Cafe, Food Panda, Ola Foods, and Ola Dash.
This story is from the July 06, 2022 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 06, 2022 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Crypto firms bank on fair play as Binance logs into FIU-IND
The regulatory gap between crypto firms registered with the Financial Intelligence UnitIndia (FIU-India) and unregistered offshore entities is expected to narrow, industry players said, after global crypto players Binance and KuCoin received approvals to register with India's anti-money laundering unit.
'Want proposed acquirers to be more responsible to Religare'
Value unlocking by Religare Enterprises, which is engaged in a takeover battle with the Burman family, is stalled due to the \"irresponsibility\" of the acquirer, said Rashmi Saluja, the company's chairperson.
NSE shares up after bonus, dividend
The National Stock Exchange (NSE), the country's top bourse, has seen its market value soar by nearly 85,000 crore to 3.21 trillion after declaration of a four-for-one bonus issue and dividend of ₹90 per share.
China is the story of moment in EM equities: Wood
Christopher Wood, global head of equity strategy at Jefferies, is turning bullish on Chinese equities and believes China is the story of the moment in the emerging market equity space as things stand.
Ahead of Paris Olympics, will Schengen visa woes ease?
Ahead of the 2024 Paris Olympics, which begin on July 26, more and more Indians are charting out trips to the Schengen countries, but the going hasn't been smooth.
The case of 'missing' numbers in CSR data
Companies listed on the NSE spent a record ₹15,524 cr on CSR programmes in 2022-23
A NEW MAUL GAME
Batters are mauling bowlers this IPL like never before, as the impact player rule effectively gives every team 12 players. Where is it taking the game?
IIP growth slows to 4.9% in March
Drop comes on the back of slowdown in mining output SHIVA
Beyond hawks and doves
Then Sikh pilgrims from India W were visiting Kartarpur Sahib in Pakistan to celebrate Baisakhi recently, Maryam Nawaz Sharif-chief minister of Pakistan's Punjab province― joined them for a meal in the langar hall of the gurudwara.
Between hard rock&an election
As Sikkim awaits the Assembly election results (voting was on April 19 and the votes will be counted on June 2, not June 4, along with the rest of the country, according to the Election Commission's latest decision), four significant events that took place in 2023 will shape the state's future trajectory.
