Bhavish Aggarwal English news | Bhavish Aggarwal, Latest News & Live Updates in English | English News (Latest English News) at Lokmattimes.com

Ride-sharing company Ola Cabs said on Wednesday it will lay off 1,400 of its employees due to business uncertainty caused by the coronavirus pandemic while the revenue has come down by 95 per cent in the past two months."The COVID crisis continues to unfold all around us causing unprecedented economic and social destruction. It has also become evident that the coronavirus will not be eliminated any time soon," wrote co-founder and CEO Bhavish Aggarwal to all Ola employees."In these circumstances, today I write to all of you with the toughest decision I have ever taken -- the need to downsize our orgsation and let go of 1,400 of our valued employees," he said.Aggarwal said the fallout of virus has been very tough for the cab aggregating industry in particular. "The company's revenue has come down by 95 per cent over the past two months," he said.Initially, he said, the company hoped it would be a short-lived crisis and that its impact would be temporary. "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."With more compes preferring to have a large number of employees work from home, air travel limited to essential trips and vacations being put off for better times, the impact of this crisis is definitely going to be long-drawn, said Aggarwal."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.Aggarwal said the crisis necessitates the need to conserve cash aggressively so that Ola is able to invest in opportunities in the future, adding the downsizing exercise has been a very tough and sad decision for the management team to make."While we restructure our orgsation to the new realities of our business, we are also going to recommit ourselves to strengthening our operational excellence and leverage a lot more technology to improve efficiencies and reduce cost across all parts of our business," he said.( With inputs from ANI )

Bhavish AggarwalFOLLOW

Bhavish aggarwal, Latest News

Two companies are set to enter the world of electric vehicles on Independence Day tomorrow. Ola and Simple Energy ... ...

Chennai, Aug 3 Electric scooter maker Ola Electric Mobility Pvt Ltd will launch its models on August 15, ... ...

New Delhi, July 9 Ola on Friday said that Temasek and Plum Wood Investment Ltd, an affiliate of ... ...

New Delhi, June 3 Cab aggregator Ola on Friday announced expansion of its leadership team with the appointment ... ...

Ola Foundation on Monday announced a partnership with GiveIndia to provide consumers with oxygen concentrators for free through the Ola app. ...

India's largest mobility platform Ola said on Thursday it has selected ABB as one of its key partners for robotics and automation solutions for its mega-factory in India that will roll out the much-anticipated Ola electric scooter. ...

New Delhi, July 13 Before the world realised the enormity of Covid-19 repercussions, ride-hailing companies Ola and Uber ... ...

Ride-sharing company Ola Cabs said on Wednesday it will lay off 1,400 of its employees due to business uncertainty caused by the coronavirus pandemic while the revenue has come down by 95 per cent in the past two months. ...