COVID-19 impact: Ola to layoff 1,400 employees as revenues crash 95 per cent

Ola, one of the biggest taxi aggregator in the country, has announced that it is laying off 1,400 its staff as COVID-19 pandemic has sharply hit the revenues of the company.

The revenue of the company has fallen 95 per cent in last two months due to the outbreak of the coronavirus (COVID-19) pandemic, news agency PTI reported citing a note by CEO Bhavish Aggarwal.

The layoffs of staff are from rides, financial services and food business, the report said.

In his email to the 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”.