SoftBank-backed Ola to cut about 35per cent workforce amid COVID-19 crisis

SoftBank Group-backed Indian ride-hailing company Ola will cut 1,400 jobs, or about 35per cent of its workforce, as it tries to navigate the coronavirus crisis, its chief executive officer said in a note to employees.

Ola joins a list of start-ups, including SoftBank-backed WeWork, restaurant aggregator Zomato and food delivery service Swiggy, that have laid off employees to cut costs as the pandemic wreaks havoc on businesses and forces people to stay indoors.Earlier this week, rival Uber Technologies Inc said it will cut 23per cent of its global workforce in an attempt to become profitable amid the crisis.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SPH to weather Covid-19 crisis, to benefit from investment in data collectionSINGAPORE Press Holdings (SPH) said in a business update on Tuesday that its 'resilient finances' will withstand the impact of Covid-19. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »