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
Scientifically Urine is 100% bad for the human bodies, Either u used as a medicine or adding in to medicine whatever..
if u speaking Philosophically then u r not a true religion follower, must testify you b4 getting in to the point.
now a days half of the Political knowledge & piece of religious knowledge are big dangerous in the world.
Without knowledge pls don't go to implement about any kind of things one day it will effect you.
If ur Politician go thru Constitution, if ur talking Religiously then be careful !... about your deeds.
Shit and piss lovers...... jai ho....
All human beings has to realize what is bad & prohibited for human bodies in order to be healthy.
are you mad ? is cow urine pure water ? you never understand which are good and bad things for human bodies, unless u study about the common terms of the religions.
these are the basic requirements to all human beings in the essence of true religion.
1. You Should Worship One True God (creator)
2. You need to know which is Life manual for the human beings &
3. Who bring that manual & taught how to lead a life successful.
Even by mistake step on to cow urine have to clean immediately with Dettol soap because it contains lots of germs, forget about drink...its really bullshit
Why should we use this brand PATANJALI,
What is the guarantee he does not use urine when he is using it in other products.
Muslims should boycott such products. Produce your own product which can be useful to all communities.
Yes, it is dirty...do not touch and smell it....forget about using...you cannot smell it....
Urine is waste of our body which God has made a system to remove bad things from our body... And U stupid guys want to drink it... clearly evils acts to follow its way of eating waste
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