Online taxi aggregators make it to the news one way or the other, and in latest news is Ola, who has sacked 1000 employees after shutting down TaxiForSure. The employees are being given three months’ salary as compensation.
Ola acquired TaxiForSure around a year and a half ago, and has been merging TaxiForSure’s business post its acquisition. Sources say that Ola has completely phased out TaxiForSure’s business, and this came into action starting July 30, 2016.
Ola has moved all the drivers from TaxiForSure to Ola, and has also been urging its users to migrate to the Ola app for better service, drivers, and experience.
Out of the 1,300 people who joined Ola seeking a better future, only a handful made it successfully and other employees, including the CEO left the company in search of better opportunities. The people who are being fired include mid-level managers hired from premium business schools.
Ola’s sudden decision seems to be resource trouble, although the company was valued at $5 billion at the time of its last fundraising. Ola has raised around $1.2 billion from investors, including SoftBank, a Japanese based firm.