After Swiggy & Zomato, Ola announces bad news

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Ola Chief Executive Officer Bhavish Aggarwal on Wednesday delivered a bad piece of news to his employees.  The CEO said that the cab aggregator will lay off 1,400 employees due to the depleting revenues in times of Covid-19.

“The spread of coronavirus has significantly dented our revenues,” PTI has quoted the CEO as saying.  In the letter, he stated that revenue is down by 95% in April and May.  “The situation is unclear and uncertain,” he further notes.  

Just on Monday, the food delivery company Swiggy retrenched 1,100 employees, which accounts for 14% of its total workforce.

Earlier in the month, Zomato laid off 13% of its workforce.