TravelTriangle slashes 250 jobs due to COVID crisis
By MYBRANDBOOK
Due to Coronavirus the travel and hospitality industry has been affected badly. This spread has impacted online travel agencies (OTAs), hotel chains and ancillary services severely. As per news report, amid this outbreak TravelTriangle has carried out mass layoffs.
The news source reported that in past 10 days the company has laid off 50% workforce. “TravelTriangle has fired about 250-300 people since March 20,” said one of the sources on condition of anonymity.
“Impacted employees are from operations, marketing, customer support and business development functions.” Sources also said that a large chunk of the laid-off employees were not paid their standard severance package.
TravelTriangle is an online marketplace for holiday packages. Its business has been almost standstill for the past three to five weeks and a now near hard stop triggered by the COVID-19 pandemic has added to their woes.
TravelTriangle had about 600 employees until last week.
“Since the company has been experiencing almost nil business this month and things are likely to be the same for the next few months or more, it has resorted to a mass layoff,” added the second source. He also wished not to be named.
A couple of months ago, TravelTriangle raised Rs 93.5 crore from South Korea-based KB Global Platform fund and the Nandan Nilekani-led The Fundamentum Partnership Fund I. Sources emphasised that the company is conserving resources and capital to sustain the tough time.
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