Indian ride hailing operator Ola says its revenues have plunged 95% in the past two months, which will lead to the loss of about 1,400 jobs.
About one-third of the workforce will go, according to an email sent to workers.
"I write to all of you with the toughest decision I have ever taken – the need to downsize our organisation and let go 1,400 of our valued employees," wrote CEO Bhavish Aggarwal.
The firm employs about 4,000 people across India.
The weeks-long national lockdown in India has decimated business, which was valued at about $6 billion before the Covid-19 pandemic.
"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. The world is not going to revert to the pre-Covid era anytime soon," Aggarwal added.
Staff laid off will get three months’ salary and insurance benefits until the end of 2020.
Ola also has ride-hailing operations in the UK and Australia but hasn’t disclosed if workers there are affected.
