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
Rakesh
why sit in DOHA come to INDIA and start \Swatch Bharath\" before that clean your \"dirty mind\""
nationals=those are protest peacefully .
anti nationals=beating the people, taking law in hand, not respecting supreme court order,abusing people.
now decide who is antinational.
Dear Mohammad and Syed Jubail, Every one has a right to say his opinion or comment on any issues. so please refrain yourself from wrong comments.
Thanks to PFI to register their unhappy on Ananth statement against Islam and Muslims.
#4 RAKESH DOHA, BE CAREFUL YOU ARE NOTED BY PFI ACTIVISTS FROM DOHA.....DONT COMMENT SUCH A HARSH WORD TO MUSLIM COMMUNITY....
Rakesh Doha, Kindly refrain from commenting against muslims as you are in a muslim country and should be thankful that your daily bread is coming from muslims. First clean your thinking SWACH BRAIN
Sagar & Rakesh please give one anti national activity of PFI...
But for RSS so much available....Sindhagi flag, major bomb blast - Ajmer Dargha, Mecca Majsid, samjota Express, demolition of Babri Masjid and lot more...
We all knew after Modi government u all people are frustrated....u all require a change now better all chaddi gang migrate to Nepal because no one will disturb u there...
azadi from PFI, well known anti national group, let me give one example if your true believer of god your should support all the religion. bhagwan commented against hindu god !!! if u people are not anti national u have to protest against that also. clearly pfi related all people and groups are anti national. if u want a wonderful national please avoid protest against the one who commented on u, your god, protest against effects on each and every one,
KICK OUT RSS FROM THIS BEAUTIFUL COUNTRY....THEY DONT DESERVE TO BE A PART OF THIS LOVELY COUNTRY.......I LOVE MY INDIA
I HATE RSS IN INDIA
WE WANT AZAADI FROM RSS, VHP,BD SRS, ANTI NATIONALISTS GROUP....
SAVE INDIA FROM RSS
PFI is only hope for the future
People criticise only those who work for the community....as you see that RSS was attacking MULIMS verbally and physically ....but time has changed .....it now attacks verbally PFI (as it has no guts to face PFI physically) because PFI fight to the limit against any elements which is against our constitution and against any Fascist so called Powers and against Anti nationals like Muthaliks who hoisted Pakistan flags
by the way we forgot that Govts taken the Sindhagi Flag issue than JNU fake slogan issues...this is real Fascism
come on people ...dont here gossips against Popular Front of India ...its all Gossips either from So called Secular Muslim leaders who for their self interest go against it ...or RSS who are seeing PFI as thret to their ultimate Goal of Brahminism INDIA
u guys cannot do anything , what happened to baby nirbhaya ( fake case) , all people know about your community mentality .instead of do some good job like swach bharath . we dont see no proactive lead taken by muslim community on this part .
guilty must be punished, good luck pfi u will get justice.
anti national protest, anti national party of india.
PFI doing good protest, protest till ananth gets maximum punishment.
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