In a move to downsize, Ola to let go of 1,400 employees

Co-founder and CEO Bhavish Aggarwal has made a detailed statement, up on the company's official blog.

Cab aggregator brand Ola has decided to downsize operations and lay off 1,400 employees. Co-founder and CEO Bhavish Aggarwal has made a detailed statement about this on the company's official blog. The contents were also sent out to Ola employees in an email earlier today.

He starts with, "Ever since my last email to you 6 weeks ago, I had hoped to write again soon in better times. Unfortunately, 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. We will rather have to learn to live with the virus and resultant implications."

And adds, "In these circumstances, today I write to all of you with the toughest decision I have ever taken – the need to downsize our organization and let go of 1400 of our valued employees."

Read the full statement here.

Founded in December 2010 by IIT graduates Bhavish Aggarwal (CEO) and Ankit Bhati (CTO), Ola is a homegrown brand that has operations in over 250 cities across India as well as Australia, New Zealand and the UK.