New Delhi,  As Bhavish Aggarwal-owned Ola is aiming to ramp up its electric vehicle business, the ride-hailing platform is now planning to lay off around 1,000 employees.

Media reports say that verticals like mobility, hyperlocal, fintech, and its used car operations have all been included in the process.

However, according to sources close to the company, these layoffs may impact less than 500 employees and not 1,000, and "are a result of restructuring in the Cars and Dash businesses".

The company currently has nearly 1,100 employees in its core ride-hailing business.

Recently, a report said that Ola is laying off up to 500 employees across departments as it aimed to cut costs amid a challenging funding environment and a delay in listing plans.

Senior executives at the SoftBank-backed company were reportedly tasked with identifying team members who can be asked to leave based on performance.

The company aims at "leaner and consolidated teams" to keep its "strong profitability intact".

The company had shut down its used vehicle business Ola Cars, as well as its quick-commerce business, Ola Dash, recently.

It was shut down within one year of its launch, as the company shifted focus on its electric two-wheeler and car verticals.

Ola is also facing flak over faulty batteries and fire incidents in its electric vehicles among other EV players like Okinawa Autotech, Pure EV, among others.

Several incidences of electric two-wheelers catching fire have recently occurred around the country, prompting companies to recall their vehicles.

The company entered the EV space with a bang last year. Its electric scooters saw 1 lakh reservations in just 24 hours of opening of pre-launch bookings. However, cracks began to show up as delays in deliveries and missing features became synonymous with the brand.