TravelTriangle has laid off about 50% of its workforce in the past 10 days amidst coronavirus pandemic.
The company is India’s leading online holiday marketplace bringing both the travellers, and trusted & expert travel agents on a common platform.
With many countries closing their borders and visas getting rejected, the travel and tourism industry is getting severe blows.
The move may be an outcome of piling up losses further fuelled by the complete halt on business and vacation travel considering the coronavirus pandemic.
An employee said, “The maximum number of layoffs have been made from international destination teams. Due to the virus, travellers have been canceling on scheduled trips since January, which led to severe losses for the company.”
The layoffs are not just limited to the international division, flight booking team and domestic team employees are also being given pink slips.
Apart from firing employees, the company has also asked some employees to take unpaid leave for the next few months.
TravelTriangle has become the first startup in the travel and hospitality sector to execute mass layoffs. Experts believe that if the situation doesn’t get better after April 15, then many companies in the space would be forced to fire their employees.
As per a recent release by The World Travel and Tourism Council (WTTC), up to 50 million jobs, representing a reduction of 12-14 % of the workforce employed by the sector, are at risk globally because of the pandemic and the travel sector could shrink up to up to 25% in 2020.
