Ola to lay off more than 400 employees before IPO | Live Updates, Unveiling the Latest India News Trends – ..

The country’s domestic electric vehicle company Ola Electric is preparing to bring an IPO in the market. The company plans to reduce the project cost and make profits. Due to this, the jobs of hundreds of employees of the company are in danger.
Ola is likely to lay off 400 to 500 employees
According to the information, 400 to 500 employees may be laid off in Ola Electric. The company is working on a layoff plan to streamline its operations. The number of employees laid off may change in the coming days. Because now the senior management of the company is considering the scale of layoffs.
The owner of Ola Electric wants to make the company profitable before the IPO. It is not yet clear which employees will be affected by the layoffs in the company. But it is feared that employees from many verticals will be affected by this.
Possibility of hiring employees at lower salaries
Ola company can fire old employees and recruit new employees in their place. Replacing old employees with higher salaries at lower salaries will help reduce the company’s costs. Fewer employees will be hired than the number of employees laid off. This means that Ola Electric has a reduction in the total number of employees.
The file was drafted last December
Ola Electric filed its IPO draft with SEBI in December last year. At that time, the company said in a draft that its total workforce was 3,733 by October-2023. The company plans to raise Rs 5,500 crore from investors through the IPO.