Taxi and automotive sector is badly hit and almost collapsed in the coronavirus lockdown period.
Ola, a indian ride sharing company is one of the affected company with it revenue down by 95% in the last two months.
With its business being down by 95% due to lockdown, Ola announed that it will have to fire 1,400 employees.
Ola CEO Bhavish Aggarwal in an email to staff, said the companies revenue is down by 95% in the last two months and the recovery of revenue is unclear and uncertain. He said the impact of this crisis to be long lasting for the company.
The impact of the covid-19 virus is big for motor and ride service companies.
“The crisis has affected the livelihoods of millions of our drivers and their families across India and our international geographies”, Bhavish Aggarwal said.
Major Ride service providing companies like Ola and Uber have been affected even since the lockdown began in March 25. In Lockdown 4.0 however cab rides have been allowed in several cities after restrictions were eased.