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.
Aboobakkar Siddiq, a resident of Nadar-Madoor, was arrested on charge of abetting his wife Ramlath to commit suicide. He was produced before a court which remanded him judicial custody.
Comments
At any cost Suicide is non-pardonable towards Almighty Allah, there are many doors open which will save her and support her by morally and financially. It is really very bad to take such a serious step and Islam condemn ending life by our selves.
dowry banned all over still this people want dowry send them to hell.
Maulanas talking too much about our religion...why cant they teach people it is haram taking dowry from bride's parents....they should be held responsible for it...they are not conveying rightful message of our prophet (peace and blessing of Allah be upon him) to the people....hypocrites...
she would have complained police before taking this wrong step.
this people are not human, all are monsters. killed innocent.
all family should get arrested. all of the family tortured her,
Rest in peace sister, one day we all have to die.
guilty must be punished. hang him till death, i cant believe that in this modern days also this kind of incident we have to hear. why should she bring dowry from her father, if he wanted money why he married a girl instead he would have married a money.
hang him to death, this kind of creature has no place here. sorry for ramlath.
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