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Ola to lay off 1,400 employees as revenue dips 95% in coronavirus

In an email to employees, Aggarwal made it clear that the prognosis ahead for the business is 'very unclear'

Topics
OLA cabs | Taxi apps | Uber and Ola drivers

Press Trust of India  |  New Delhi 

Ola bike
Customers hailing Ola's bike service

Cab aggregator Ola is laying off 1,400 staff from rides, financial services and food business as revenues declined by 95 per cent in the last two months due to pandemic, a note by CEO Bhavish Aggarwal said.

ALSO READ: Swiggy follows Zomato, lays off 1,100 as coronavirus dashes business

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 per cent 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," he said.


ALSO READ: Zomato lays off 500 employees, slashes salaries as CEO blames coronavirus

The company has decided to downsize and "let go" of 1,400 employees, Aggarwal added.

First Published: Wed, May 20 2020. 14:00 IST
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