$7 billion scooter firm Ola Electric will terminate 200 jobs
The SoftBank backed firm is having difficulty selling
Ola is a ride-hailing firm backed by SoftBank. They intend to cut around 200 jobs across their technical teams, on track to reduce their headcount by over 1,200 this year as they optimise their operations.
The company has already begun with their layoffs impacting the technical departments of its food and ride-hailing companies. Around 10% of the staff, or 200 employees, will be affected by these layoffs.
The $7 billion startup has headquarters in Bengaluru and is backed by Temasek and Warburg Pincus. It has experimented with a variety of ventures in recent years, including food delivery and quick commerce, but it now focuses on electric scooters.
At that, the business is having trouble increasing sales of its electric vehicles. More than 10,000 jobs were removed this year in the Indian startup ecosystem due to the market slump.
