CEO Bhavish Aggarwal said that cab aggregator Ola is cutting 1,400 employees from the ride, financial services and food businesses, as revenues have fallen by 95 percent in the last two months.
In an email to employees, Aggarwal clarified that the forward forecast for the business is “very vague and uncertain” and that the impact of this crisis “is definitely going to be long-term for us”.
“The result of the virus has been very difficult especially for our industry. Our revenue has declined by 95 percent in the last 2 months. Most importantly, this crisis has brought livelihood to millions of our drivers and their families across India Has influenced. ” Our international geography, ”he said.
Aggarwal said the company has decided to reduce 1,400 employees and “let go”.
News Source: TheStatesMan
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