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Last Updated : May 20, 2020 07:17 PM IST | Source: Moneycontrol.com

COVID-19 impact | Ola to lay off 1,400 employees as revenue dips 95% in two months

In an email to employees, CEO Bhavish Aggarwal assured that this is a one-time exercise and no more COVID-19 related cuts will be done after this

Cab aggregator Ola will lay off about 1,400 of its employees from the rides, financial services and food businesses as revenues declined by 95 percent in the last two months due to coronavirus outbreak.

This 1,400 translates to roughly 25 percent of the company's workforce.

In an email to employees, CEO Bhavish Aggarwal said: "..I write to all of you with the toughest decision I have ever taken – the need to downsize our organization and let go of 1,400 of our valued employees."

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He 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".

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However, he also assured that this will be a one-time exercise and no more COVID-related cuts will be done after this.

"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.

Read the full text of Bhavish Aggarwal's letter to employees
First Published on May 20, 2020 01:37 pm
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