News: Ola drives the Uber way, fires 1400 employees

Entrepreneurship

Ola drives the Uber way, fires 1400 employees

The CEO has mentioned that the current crisis is quite tough for the travel industry and the revenue has come down by 95 per cent in the last two months.
Ola drives the Uber way, fires 1400 employees

The cab aggregator has resumed its services 160 cities from today that will definitely generate some revenue but major office goers are working from home and the scenario is likely to remain the same for the next few months.Laying off employees is becoming normal during this crisis, companies from across the sectors are opting for pink slips. In a recent development, Indian cab aggregator Ola is laying off 1,400 employees from rides, financial services and food business as revenues declined by 95 per cent in the last two months due to coronavirus pandemic, a note by CEO Bhavish Aggarwal said.

According to a media report, the CEO has mentioned that the current crisis is quite tough for the travel industry and the revenue has come down by 95 per cent in the last two months. 

In an email to employees, Aggarwal 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".

He said, “Most importantly, this crisis has affected the livelihoods of millions of our drivers and their families across India and our international geographies." 

In the last two weeks, Ola’s sheer competitor Uber has cut down more than 6700 jobs and closed 45 offices. COVID-19 has impacted the travel industry very hard and most of them are bleeding. Well, things have started coming back to normal but it is nothing compared to the Pre- COVID era. 

Also read- Uber to cut 3000 more jobs, closes 45 offices

 
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Topics: Entrepreneurship, #Layoffs, #COVID-19

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