Uber Shuts Down Mumbai Office Permanently
In order to balance Global Cost Cuts, Uber shuts down its Mumbai office. However, employees of Mumbai office to work from home till December of this year until a new office is assigned to them.
Earlier in May, Uber India laid-off one-fourth of their staff, which is around 600 employees. However, Uber assured that customers will not be affected by this employee lay-offs. Due to Global Pandemic, many giants like Ola, Zomato also laid off one portion of their employees in order to balance Global Cost Cuts. Earlier this year, Uber sold their food delivery service Uber Eats to Zomato. In order to compensate, Uber also holds 10% stake of of Zomato.
Apart from job cuts, Uber also is focusing on Property Expenditure cuts. One of the Officials said that Uber is planning to sell their properties worth $1Bn in order to maintain balance in their costs which caused due to disruption of business due to COVID-19 Global Pandemic.
Uber India’s Rival, Ola also made job cuts in the month of May which includes 1400 employees. Apart from Uber and Ola, car rental services like Zoomcar, VOGO Cabs and others also faced huge loss due to this market distortion caused by COVID-19. After Unlock 1.0, Uber and Ola have somehow started to open their services and are estimated to return to their actual revenue by FY21 but the rest of the companies are yet to return to their usual level of demand.
Tags: #Uber #UberIndia #JobCuts #Cab #Taxi #Zomato #Unemployment #India