Business

Ride-hailing company Ola cuts engineering jobs by 10%

BENGALURU: Ola will cut about 200 engineering jobs to reduce redundancies across its two main businesses, ride-hailing and electric vehicle manufacturing, the SoftBank Group-backed company said on Monday.
The company said it is focusing on being a “vertically integrated mobile company” and is centralizing operations to build a structure that enhances the roles and functions involved.
“Ola is building on shared capabilities and cross-functional synergies as it powers its two-wheeler, four-wheeler, research and cell manufacturing capabilities,” the company said. the company said in a statement.
To that end, Ola said, it plans to grow its engineering workforce to 5,000 people over the next 18 months from about 2,000 currently, as part of a “recruiting stream” for new hires. roles in vehicle engineering, sourcing, product management, and data science.
Ola, which has pushed Uber Technologies to take the lion’s share of the country’s ride-hailing market, started making e-scooters last year and plans to start producing electric cars by 2024.
However, its scooter business came under scrutiny earlier this year when Ola recalled more than 1,400 vehicles after one of them caught fire.
The company also postponed plans to list shares in the first half of this year, possibly due to volatile markets and lackluster listings of other domestic startups.

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