wordpress blog stats
Connect with us

Hi, what are you looking for?

,

Ola to let go of 1,400 employees, citing 95% revenue dip

Ola will be laying off over a thousand of its employees, the cab aggregator’s CEO Bhavish Aggarwal said in an email to staff today. “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,” Aggarwal said. “No more COVID related cuts will be done after this exercise.” Most startups have been taking a hit in revenue, with some struggling to survive beyond the next few months, as the COVID-19 pandemic’s recession roils the world economy. 40% of startups surveyed by NASSCOM have halted business entirely, with 53% cutting pay for employees.

Laid off employees will receive the following benefits, according to Aggarwal:

  • 3 months of salary as severance, with additional payouts based on an employee’s tenure
  • ESOPs vested for the nearest quarter, with pro-rated vesting for employees who have been on board for less than a month
  • Medical insurance for employees’ parents or in-laws until the end of 2020, or when they start their next job
  • Telemedicine support for employees through third party partnerships till the end of the year
  • Outplacement support to get a job elsewhere

Swiggy has similarly laid off 1,100 employees, while Zomato let go of 13% of its entire workforce. Ola rival Uber laid off over 3,700 employees, and is reportedly planning to announce layoffs for 500–700 employees in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

News

By Anand Venkatanarayanan                         There has been enough commentary about the Indian IT...

News

By Rahul Rai and Shruti Aji Murali The Indian antitrust regulator, the Competition Commission of India (CCI) has a little more than a decade...

News

By Stella Joseph, Prakhil Mishra, and Surabhi Prabhudesai The recent difference of opinions between the Government and Twitter brings to fore the increasing scrutiny...

News

This article is being posted here courtesy of The Wire, where it was originally published on June 17.  By Saksham Singh The St Petersburg paradox,...

You May Also Like

News

Uber India said that it was doubling down to provide drivers on its platform improved earnings, as several drivers across the country have been...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ