The layoffs are across functions, including technology, quality assurance and business development.
In yet another lay-off saga, hospitality company, Treebo, has laid off around 10 per cent of its workforce—between 70–80 employees.
Having been one of the largest budget hotel chains in India, the Company is now looking to rationalise costs, and has cited redundancy as one of the reasons for layoff. It had invested heavily in technology and systems, and with the stabilisation of these technologies, the jobs of many of its employees have been rendered redundant.
The layoffs are across functions, including technology, quality assurance and business development. Employees have been offered a severance package of two months’ salary.
Treebo was committed to helping the employees find alternative opportunities and trying to offer them a smooth exit through appropriate severance packages and accelerated vesting of ESOPs for colleagues nearing vesting milestones.
The developments come about a year after Treebo raised $34 million in a fresh round of funding led by Hong Kong-based hedge funds, Ward Ferry Management and Karst Peak Capital.
Bangalore-based Treebo, with a strength of 800 employees, is expected to expand and add 500 additional properties to its portfolio over the next one year. It will enter 50–70 towns and cities and double its footprints.