"Socar’s ride-hailing platform Tada adds to growing list of tech layoffs", 15 June 2023

Seoul-based ride-hailing platform Tada, operated by Korean ride-sharing company Socar’s subsidiary VCNC, plans to let go of a portion of the company’s employees as part of a restructuring as it works to reduce costs, the company confirmed to TechCrunch. 

Tada has not yet materialized how many staff it will lay off since it’s part of a voluntary early retirement program, a spokesperson at VCNC said, adding that it will be able to announce more concrete details in the not-too-distant future. Tada is said to cut at least 50% of its staff, or about 45 people, per local media outlets. 

This news comes almost ten months after Socar’s IPO in 2022 and the recent breakdown of merger talks between Viva Republica and Jinmobility, a Korean ride-hailing company that operates i.M.