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.
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Name kaise Chenge kar diya wo mere chchu the or unka name aslam alam tha or wo bihar se the how its ......
depatment ne bola ye accident hai .however body pe es scratch ase he nhi aa raha jo lage ki accident hai .. saar pe chot lage aisa laag raha jaise kise ne piche se saar pe mara or saar me hole sa ho gaya .. ungaliyo pe nishan aise jaise unko koe lohe ya lakri se mara ho and wo hath se bacha rahe ho .. body ki roknte khare the jaise ki wo kise se daar gaye ho .. hatho n bach me scratch aise jaise aunko khech ki gadhe me gira diya ho.. jis jahag se body mele waha khun ke ek v daag nhi .. saar me chot waha lage jo helmet se cover hota hai .. helmet gere mene bt wo tute nhi .. agar bike over control hue to helmet tut jana chahea .. its seems its not an accident .. its something else..
however it may happened but it is not a good thing for his family
he aslam alam .. he is from bihar .. we are still waiting for his body .. and he was my uncle who is no more ...please pray for him
he was my uncle . he was on duty .. and he belong from bihar .... :'(
he was my uncle .. and he is from bihar ..
tragic incident....
Inna lillahi wa inna ilahi wa rajioon!
Ohh horrible incident, RIP .
very sad incident, he is from chhattisgarh, heartfelt condolence to his family, RIP.
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