SoftBank-backed Ola halves losses, lays off 200 before IPO
Updated : November 29, 2019 03:48 PM IST
Ola is set to lay off 200 people of its total base of 4,500 employees and will move 150 employees to newer verticals of Ola Electric Mobility and Ola Financial Services.
Bhavish Aggarwal-led company is preparing for an IPO in the next 18-24 months and is looking to reach profitability soon.
The company has halved its losses in FY19 to Rs 1160 crore from Rs 2,676 crore the previous fiscal.
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