Ola raises $500 mn from Temasek, Warburg Pincus ahead of IPO
"I welcome Warburg Pincus and Temasek to Ola and look forward to collaborating with them in our next phase of growth," Aggarwal added.
In a bid to move business towards profitability, ride-hailing cab service Ola has decided to restructure and redesign the company, starting with trimming its 4,500-strong workforce by 5-8 per cent which will be nearly 350 employees, reports stated.
The move is seen as part of Ola’s aim to go public in the next 18-24 months. As per the reports, the company is also moving some employees to other verticals like Ola Electric, Ola Foods and Ola Financial Services as part of the organizational restructuring.
In a statement, a company spokesperson said that over the past couple of years, Ola has grown its core mobility business and introduced new business verticals such as financial services, food, public transport technology, and electric mobility.
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With a view to become more nimble and have a sharper focus on growth and profitability, we are redesigning the organisation to build a structure that strengthens and leverages our local and global scale and enables faster decision making across all of Ola’s group companies,” said the spokesperson.
Founded in 2011 by Bhavish Aggarwal and Ankit Bhati, Ola currently offers its services over 250 cities in India, the UK, Australia and New Zealand.
The spokesperson further added, “our organisational redesign aims to rightsize all our operations as well as leverage skills sets and experience of mobility employees in available positions in new business verticals.”
In its financial year 2019, Ola increased its revenue by 16 per cent to Rs 2,155 crore while its losses went down by nearly 50 per cent to Rs 1,158 crore in comparison of FY2018.
Ola has been steadily expanding across the country to now serving millions of users across Birmingham, Liverpool, Exeter, Reading, Bristol, Bath, Coventry, and Warwick. The ride-hailing firm launched its operations in the UK starting with Cardiff in August 2018.
(With input from agencies)
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