COVID crisis continues to unfold all around us causing unprecedented economic and social destruction, writes Ola CEO Bhavish Aggarwal to employees
New Delhi: Taxi aggregator company Ola Cabs said that it will fire 1,400 employees as uncertainty looms over the business that has been hit hard by the COVID-19 pandemic in India. The company further mentioned that its revenue has gone down by 95% since the beginning of lockdown in india.
"The COVID crisis continues to unfold all around us causing unprecedented economic and social destruction," wrote Ola CEO Bhavish Aggarwal in a letter to the employees of his company.
"It has also become evident that the coronavirus will not be eliminated any time soon," he further said.
"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 added.
"The company's revenue has come down by 95 per cent over the past two months," he said. "Initially we hoped that it would be a short-lived crisis and the impact would be temporary," he further wrote.
"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," Aggarwal added.
"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.