GMV of Ola has crossed pre-COVID-19 level, says founder Bhavish Aggarwal
- ByAyushi Ray | September 8, 2021
GMV of Ola has crossed pre-COVID-19 level, says founder Bhavish Aggarwal. Ola Co-founder Bhavish Aggarwal noted that Ola had added 10 million new users in the financial year 2020-21, and the company is working on onboarding more driver-partners, entering new cities, and building new products to better serve mobility needs post-COVID. “India is moving again! Our @olacabs GMV crossed pre-covid levels last week. Recovery from the second wave is 3 times faster. Clearly, India is up and about! Some interesting trends as #IndiaIsMovingDown pointing backhand index,” Aggarwal said in a series of tweets.
GMV (gross merchandise value), for Ola, refers to the fare paid by customers for rides. Like many other industries, the ride-hailing sector was adversely impacted by the pandemic as the ensuing lockdown dried up demand and ravaged business. Companies were forced to lay off employees and cut costs to sustain the business. Ola too had announced laying off 1,400 staff from rides, financial services and food business in May last year as revenues had declined significantly amid the first wave. At that time, Aggarwal had said the company was increasing its investments and adding people capabilities in R&D as a group through the crisis to double down on innovation and engineering as the crisis had accelerated macro trends of digital commerce and clean mobility.
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