Home Tradeline MakeMyTrip lays off 350 employees to conserve capital

MakeMyTrip lays off 350 employees to conserve capital

MakeMyTrip is laying off 350 employees as its business has taken a severe hit due to the COVID-19 pandemic leading to a widespread travel ban. The company said that it was unclear as to when traveling will become a way of life, as it was in the pre-COVID period.

The decision was announced by MakeMyTrip CEO Deep Kalra in a letter. A company spokesperson confirmed to CNBC-TV18 that the lines of business impacted are international holidays and related operations.

“As we revisited some of our strategic imperatives to be able to sustain our business in the long term, it is evident that the pandemic has changed the context and viability of some of our business lines in its current form. Keeping this in mind we have had to take this sad but inevitable decision of rightsizing our workforce,” the letter read.

“We are truly appreciative of all the work they have put in over the years to make this organisation what it is today. The staff rationalisation we have had to undertake is mapped to our future business strategy and is in no way a reflection of the work done by people in these teams. We wish them only the very best for what follows from here, and we thank them deeply for their rich contribution to Go-MMT,” it added. To support employees who have been laid off, the company is offering mediclaim coverage for individuals and their families till the end of the year, leave encashment, gratuity, retaining the right to exercise part of RSUs as applicable, retention of company laptops and outplacement support apart from salary payments as per their notice periods.

Source: CNBC TV18