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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Either one of this leader is criminal? If we believe what Mr Yeddy said and he has proof then he should prove and put mr Ramanath Rai behind Bars. If he cannot then mr ramanat rai should put defemation case on him just like Mr arun jetly has put on Mr keriwal and one of his suppoter has put on Mr Rahul Gandhi. If Mr yeddy is telling lie then he is playing with sentiments of people in the state.
MR yeddyrappa unsound per son please join him special school...
Really sad, There can be only blame game in this country. youth is killed nobody bothered. All the groups can do strike, call for bandh. nobody is bothered to help the family or the Government in finding the culprit. Law will take its course of action. Blocking the group & creating problem for public will not help. Wait for the verdict. Forget everything & anything, there is no value for life in this world. Killing has become common & easy in this world. May Almighty protect all of us.
Keeping quiet with out taking action is like indirect support, for the sake of votes, this fellow and that tall chrstn actor pksrairaj, ar eboth irresponsible
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