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
what your forefather done, slave of british or licking british boot... muslims fought hard for this country
did your father borns to godse...then you are najaaes aulad!!!
Your father was traitor...who is licking british boot from long time... as i told you last time 80% dog is nothing in front of 15% lion in forest.. i hope you got my point
what is the contribution of HEGDE community to Karnataka .!!!!
People who have not done anything for Mysore or Karnataka, Just Spread Lies, Hatred,and follow the Britishers policy of DIVIDE AND RULE.
JAI HIND , JAI KARNATAKA
Send these rss chaddidaars behind bar for atleast 12 months period. All will leave peace fully.
Tipu was the only one King who fought till his last breathe against british. He was a big treat to British invader which Is still rememered by the Brishers and written in British history. In his kingdom he respected all religion and their worship place. His administration was with all religions. He never spared any single british supporters in some part of MYSORE greedy people supported the Britisher's to enter our Country and cheated the great king. Fact's are trying to erase from the real history and nothing else. But facts never hidden at any cost by any one. Jai Hind Jai Karnataka! Long Live United India
What did Tipu do in India?? Looted all money, attacked many Hindus and Hindu temple and still court supporting people who stands for tipu
There were many deregatory comments against Godse. Why court not taking action against that.
Total injustice. Tipu was a traitor.
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