Ola to let go of 1,400 employees in bid to survive coronavirus-led revenue fall

The country’s largest mobility platform Ola has decided to let go of 1,400 employees, constituting 25 per cent of its headcount, by the end of this week in a bid to survive the onslaught of the coronavirus pandemic on its revenues. This will be a one-time exercise to be completed by the end of this week for Ola’s India Mobility business and by the end of next week for Ola Foods and Ola Financial Services.

In an email sent out to all employees today, Bhavish Aggarwal, co-founder and CEO of Ola said, “The fallout of the virus has been very tough for our industry in particular. Our revenue has come down 95 per cent over the past two months. It has also become evident that the virus will not be eliminated any time soon. We will rather have to learn to live with the virus and resultant implications.