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.
Comments
Well Done Dr. Zakir Naik. We had enough of this media misrepresenting the facts to please the people who are in power & spread the hate in common man, and help the fulfillment of the Hidden agenda of the corrupt politicians. Thanks for taking this great step. A peace loving man of any religion will support you...... Insha Allah Victory will be yours.
Please watch his team member junaid khan recent interview about his income and behavior with others
Even his conversion is well planned drama
This bussiness is much better than dargah bussiness
It is good that the media houses are being sued for defamation. Media should stop slandering and making false stories against people. Only when an FIR / case is registered, should they break the story.
This has been going on for such a long time and a stop has to be put. Arnab Goswami and his type have taken a beating out of this case. Even the government has lost a lot of credibility because of this case.
As per naik media aired his videos which are out of context to mislead the people!!!!!!
If so my question is then why zakir naik blind followers are urging other people to watch his videos in youtube if dey are out off context?...as per his followers if some1 converts to islam after watching his videos then its good for socity if he becomes terrorist den its out of context...hahaha
Shame on RSS agent Arnab Go cow swami,
you will not come up'' time will come your realy face will come out and public will spit your face,for money and power not lift up god know the reality and he is the planer.
Well done.. WE ARE WIth U Dr. Zakir Naik...
People are Fooled since decades with manipulating the facts and presenting to the public...
Presenting news with suits and ties and make up doesnt make anybody Good and Trust worthy... We should look at who is behind it... there are many corporations who play with the minds of people... who lobby all this evil propagands even the cheddis have fallen to this category.
We should teach this decievers a lesson...
But ALLAH has power over all things... Those who know ALLAH, will never be in FEAR of any situation.. May ALLAH make us one of them.. it is the greatest blessing from the CREATOR of all the Exists.
Insha Allah, you will suceed Zakir Saab, These dogs like Arnab gooo sami, Naren should be taught a lesson for ever...... WELL DONE. WE WISH GOOD LUCK....
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