In June 2023, Seoul-based ride-hailing platform Tada, a subsidiary of Socar and backed by fintech firm Viva Republica, initiated a restructuring involving layoffs to reduce costs. While the company confirmed a voluntary early retirement program without specifying exact numbers, local media reported the cuts could affect at least 50% of its staff, approximately 45 employees. This move followed the breakdown of merger talks with Jinmobility and came as Viva Republica sought strategic partners to sustain Tada's operations in South Korea's competitive ride-hailing market, dominated by Kakao Mobility. The layoffs reflect ongoing challenges in the transportation tech sector amid consolidation efforts.
