Coronavirus has devastated economies and startups are among the worst-hit. Cab aggregator Ola is set to lay-off 1,400 employees, which is 25 percent of its workforce. Calling it the "toughest decision" of his career so far, founder and CEO Bhavish Agarwal said Ola has seen its revenue crash by a whopping 95 percent in the last 2 months. He has promised that there will be no more COVID-related cuts after this.
After the nationwide lockdown was announced on March 25 the country started adapting to social distancing norms that has now become our new normal. While businesses across several sectors were severely impacted, there was a rise in the fintech and digital payments sector.
Vijay Shekhar Sharma, founder of mobile payments company Paytm, talked about the massive layoffs that are happening in the startup space over the last few weeks and the impact on Paytm’s businesses because of COVID.