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
If hindus start eating beef based on this, then price will increase 2-3 times more than today's rate....very bad....
Chaddis eating beef sukka as well.
Dear YOGESH...
Please carefully read the below verse from BG and ponder on it. Also REFLECT on y BG mentioned this here.
Bhagavad Gita 7:20
Those whose INTELLIGENCE has been stolen by MATERIAL DESIRES surrender onto Demigods (Besides TRUE GOD) and follow the particular rules and regulations of WORSHIP according to their own natures...
I think U should not worship the idols and statues instead worship the TRUE GOD who is formless (NA TASYA PRATIMA ASTI). This is the TRUTH and U should follow the BG on this too...
Those who don't eat non veg. Should replace their pointed teeth to flat teeth.
Less intelligent people always want to imitate God and there activities without knowing the proper fact and reason behind the activities.
Like lord Shiva once consumed POISON. Can any ordinary human do this ,No. So we should not try to imitate God. But We should always follow the instructions given by them. God has given enough instructions through his word in BHAGAVAD Gita and other scripture. Where he instructed to offer him only four type of eatable things i.e. Leaf, Flower, Fruit and water and consume it. This is why, we should always try to follow God's instructions carefully rather than imitating his activity.
So what......and who gave you the list of God's diet......why don't you request your Hindu people to close now the restaurants which serves non veg......they will throw you in garbage....better be silent....
instead of looking at the fact and trying to know the TRUTH ,,, some cheddis are already blaming him blindly... when in fact intelligent will look for the truth.
Sita kidnapped When laxman was busy in hunting deer for their lunch. This story clearly tells about their love for meat.
Very well said. If entire hindus studies their scripture they will become non-vegetarian and stops idol worship without any delay.
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