Ola To Lay Off 1,400 Staff As Covid-19 Pandemic Hits Revenues
Cab aggregator Ola is laying off 1,400 staff from rides, financial services and food businesses as revenues declined by 95 percent in the last two months due to the coronavirus pandemic, a note by Chief Executive Officer Bhavish Aggarwal said.
In an email to employees, Aggarwal made it clear that the prognosis ahead for the business is "very unclear and uncertain" and the impact of this crisis is "definitely going to be long-drawn for us".
The fallout of the virus has been very tough for our industry in particular. Our revenue has come down 95 percent over the past 2 months. Most importantly, this crisis has affected the livelihoods of millions of our drivers and their families across India and our international geographies.Bhavish Aggarwal
The company has decided to downsize and "let go" of 1,400 employees, Aggarwal added.