BackThis Indian startup is likely to fire around 1,000 employees: Report
The company is planning to recruit about 800 people for electric cars and additionally for cell development
PremiumIndian startup Ola is in the process of firing close to 1,000 employees as it ramps up hiring for its electric mobility business, according to a report by the Economic Times. However, the company has called this a 'reshuffling' process than a ‘cost-cutting’ measure. The entire restructuring exercise is likely to focus more on its electric mobility business where the hiring is being done aggressively. The hiring is across all verticals, including mobility, hyperlocal, fintech, and its used car business for Ola Electric.
As per the business daily, those targeted for layoffs have been asked to resign voluntarily. An Ola employee told the daily that the company is delaying the appraisal process so that the targeted ones can themselves resign from their jobs.
Citing a source, the daily added that Ola Electric was hiring four people for every person. Ola Electric is planning to recruit about 800 people for electric cars and additionally for cell development, the company added.
Yesterday, Ola Electric signed an agreement with the Ministry of Heavy Industries for local manufacturing of advanced cells in India under the production-linked incentive (PLI) scheme.
Ola Electric is the only Indian EV company selected by the government under its ambitious ₹80,000 crore cell PLI scheme, receiving the maximum capacity of 20 GWh for its bid in March.
"Today, 90% of global capacity for cell manufacturing is in China, and to reverse this import dependency locally manufactured cell technology is key. The ACC PLI scheme will be instrumental in making India self-reliant and localizing the most critical aspects of the EV value chain," Bhavish Aggarwal, CEO, and Founder of Ola said in a statement.
"At Ola, our roadmap to develop cell technology and manufacturing is vigorously progressing; making us a stronger vertically integrated mobility company across - products, mobility services, and tech," Aggarwal added.
Ola had recently unveiled India's first indigenously developed lithium-ion cell, NMC 2170, and is investing heavily in developing core R&D to create indigenous advanced cell technologies. To begin mass production of its cell from its upcoming 50 GWh Gigafactory, Ola has already roped in global suppliers from Germany, Korea, Japan, and other hubs.
Ola's upcoming Battery Innovation Center (BIC), to be operationalised in August, will be the cornerstone for core cell tech development and battery innovation out of India for the world. BIC will house advanced labs and high-tech equipment for battery innovation for developing futuristic and localized cell technology. The company is also recruiting top cell R&D talent across the globe and will employ 500 PhDs and Engineers.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
