Ride-sharing company Ola Cabs on Wednesday said that it will lay off 1,400 of its employees as uncertainty looms the resumption of business that has been severely hit by the COVID-19 pandemic.

The company further said that the revenue has gone down by 95 per cent.

“The COVID crisis continues to unfold all around us causing unprecedented economic and social destruction,” wrote Ola CEO Bhavish Aggarwal to the employees.

“It has also become evident that the coronavirus will not be eliminated any time soon,” he further said.

“In these circumstances, today I write to all of you with the toughest decision I have ever taken – the need to downsize our organisation and let go of 1,400 of our valued employees,” he added.

“The company’s revenue has come down by 95 per cent over the past two months,” he said.

“Initially we hoped that it would be a short-lived crisis and the impact would be temporary,” he further wrote.

“But unfortunately, it is not been a short crisis. And the prognosis ahead for our business is very unclear and uncertain. It is going to take a long time for people to go out and about like before,” Aggarwal added.

“The world is not going to revert to the pre-COVID era anytime soon. Social distancing, anxiety and an abundance of caution will be the operating principles for everyone,” he told employees.