Ola Cabs planning to lay off employees? SoftBank-backed company reportedly wants leaner teams

Amid a spate of layoffs in various new age companies, reports of a proposed layoff has emerged from the cab hailing service Ola. According to unconfirmed reports, Ola is planning to ask 500 employees to go. The layoff is expected to hit all departments of the company in order to stem cost and streamline operations. 

The SoftBank-backed company has asked senior executives to furnish lists of employees in their respective teams who can be laid off. The company has told the team heads that it is looking at "leaner and consolidated teams" to keep its "strong profitability intact," the news agency IANS reported. 

Ola has 1,100 employees. Last month it shut its used car business Ola Cars as well as Ola Dash. The company shut Ola Cars after a year of launch as it wants to focus on its electric vehicle business.

Ola has so far shut down Ola Cafe, Food Panda, Ola Foods, and now Ola Dash.

"Ola has reassessed its priorities and decided to shut down Ola Dash -- its quick commerce business. Ola will also be reorienting its Ola Cars business to focus more on strengthening the go-to-market strategy for Ola Electric," the company had said in a statement.

With inputs from IANS