Ola to lay off 1,400 Employees | CEO Says Revenues Decline by 95%

Ola to lay off 1,400 Staff

Due to the corona virus epidemic, the industry is suffering big losses worldwide. The lockdown has continued in the country since 23 March, covering almost all sectors. Many companies have incurred huge losses due to the lockdown. In such a situation, the country’s famous app-based cab riding Service Company Ola has decided to take out a staff of 1400 people to overcome the losses. Ola says that his earnings have fallen drastically due to the lockdown.

95% Decline in Revenue of the Company

According to the information, Ola Company CEO Bhavesh Agarwal has said in an email to his employees that the epidemic has severely damaged the company’s earnings. In the last two months, his company’s revenue has fallen by 95 percent, due to which the company is badly in the loss. He further wrote that the most important thing is that this corona crisis has affected our international geographical location along with the livelihood of millions of our drivers and their families across the country.

Ola CEO Bhavesh Agarwal said that the pandemic, financial services and food businesses have suffered huge losses in the last two months due to the pandemic and this has forced the company to take a difficult decision to lay off its employees. However, company CEO Bhavesh Agarwal clarified that the future of the business is’ very vague and uncertain ‘and certainly the impact of this crisis is going to be on us for a long time.’

Read More:  Impact of Coronavirus Pandemic on IT Industry

Employees will be given a Fixed Salary of Three Months

For your information, let us know that every affected employee of Ola Company will be given a fixed salary of three months irrespective of the notice period. Ola CEO Aggarwal said that during this time they will invest in research and development. In his email, he further wrote that mobility will be required as economic activity returns, but standards will change. In this crisis, the demand for digital commerce and clean mobility will increase and our business is ready to take advantage of this. Meanwhile, Uber, another international online cab service company, has decided to lay off more than 6 thousand employees.

Leave a Reply

Your email address will not be published. Required fields are marked *