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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Inna lillahi wa inna ilaihi rajioon
May Allah grant him jannatul firdous
He was famous for his corner shorts (like gugli, or curved corner shots)
He was my coach also
We miss him
Rest in peace
Inna lillahi wa inna ilahirajioon. Allahumma yaghfirlahu wa yarhamhu.
May allah bless highest place in Jannah and forgive his sins and accept his good deeds. Aameen
We lost a great sport personality.
Inna lillaahi wa inna ilaihi rajioon.. May allah give him magfirath..
Inna lillahi wa inna ilaihi rajioon.. May allah give him magfirath..
Sir T Abdur Rahman a well known football player cum coach in Mangalore city. Undoubtedly we have lost a great sports person as well as a soft hearted person. May Allah grant him jannah and forgive his sins..Ameen
Innalillahi vayinna ilaihi raajivoon., Allahummagfirlahu warhamhu...
Inna Lillahi Wa Inna Ilaihi Rajioon...
We lost a advisor for new generation for football in mangalore whom cannot compare or replace him.
We pray for his magifirath
Inna lillahi wa inna ilaihi raajihoon. Allahummghfiralahu warhamhoo wahfu anhu yaa Rabbal AAlameen. ameen.
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