Bengaluru, May 20: Ride-sharing company Ola Cabs said on Wednesday it will lay off 1,400 of its employees due to business uncertainty caused by the coronavirus pandemic while the revenue has come down by 95 per cent in the past two months.
"The COVID crisis continues to unfold all around us causing unprecedented economic and social destruction. It has also become evident that the coronavirus will not be eliminated any time soon," wrote co-founder and CEO Bhavish Aggarwal to all Ola employees.
"In these circumstances, today I write to all of you with the toughest decision I have ever taken -- the need to downsize our organisation and let go of 1,400 of our valued employees," he said.
Aggarwal said the fallout of virus has been very tough for the cab aggregating industry in particular. "The company's revenue has come down by 95 per cent over the past two months," he said.
Initially, he said, the company hoped it would be a short-lived crisis and that its impact would be temporary. "But unfortunately, it is not been a short crisis. And the prognosis ahead for our business is very unclear and uncertain. It is going to take a long time for people to go out and about like before."
With more companies preferring to have a large number of employees work from home, air travel limited to essential trips and vacations being put off for better times, the impact of this crisis is definitely going to be long-drawn, said Aggarwal.
"The world is not going to revert to the pre-COVID era anytime soon. Social distancing, anxiety and an abundance of caution will be the operating principles for everyone," he told employees.
Aggarwal said the crisis necessitates the need to conserve cash aggressively so that Ola is able to invest in opportunities in the future, adding the downsizing exercise has been a very tough and sad decision for the management team to make.
"While we restructure our organisation to the new realities of our business, we are also going to recommit ourselves to strengthening our operational excellence and leverage a lot more technology to improve efficiencies and reduce cost across all parts of our business," he said.
Mangaluru, Sep 6: In a shocking incident, a teenage girl allegedly committed suicide inside a bathroom at a college hostel at Vidyagiri, Moodbidri on Sunday.
Comments
I don't know why alvas is doing like this.....in the sense all alvas student know that there is not one room in alvas which number starts from 13....and each alvas pu student know the story behind this.....but i can't understand whether it is true or false........because i'm student of alvas.
The reason of suicide is not due to warden harassment, of course to control the students wardens should be strict. Student has very bad habit of stealing the things of other friends and she caught several times. Warden might have warned her for her bad things. So took this step. She is very bad in her due record she was not paying the school fees, whenever she get money she spend the money for lavish life and in case of shortfall she steal money from other roommates also she is going other rooms and stealing the things from students. I know all these matters because she stolen from daughter's mobile also. Later when her cupboard checked all stolen things came out such as expensive mobiles, sandals, perfumes, cosmetics, jackets and Money. Please let me know anybody will tolerate this bad habit in any college.
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