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India's SoftBank-backed Ola to cut 35% of workforce

Ride-hailing leader in second-most populous nation hit by coronavirus lockdown

India's lockdown, imposed in late March, has decimated ride-hailing service providers like Ola. (Photo by Kosaku Mimura)

TOKYO -- Ola, India's biggest ride-hailing company and one in which Japan's SoftBank Group has an equity stake, will cut 1,400 jobs, or 35% of its domestic workforce, as the novel coronavirus slams India's economy.

Ola's revenues tumbled 95% in the past two months as India went into lockdown.

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