The move by the Bengaluru-based startup Ola comes when it is looking to restructure and redesign the company with a view to become more nimble and have a sharper focus on growth and profitability.
While, as per the company Ola, the move is seen as part of the mobility platform’s aim to turn profitable and go public in the next 18-24 months.
The sources added that 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.
Ola, Bhavish Aggarwal and Ankit Bhati-led was founded in December 2010 as an online cab services in Mumbai. It is an online transportation network company developed by ANI Technologies Pvt. Ltd. The company has been expanding its horizons with focus on credit over the last few years.
Ola offers commuters the option of both black cabs and private hire vehicles. The team claims to offer the highest driver rates in the region.
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.