Indian travel giant MakeMyTrip lays off 350 employees amid COVID-19 pandemic

Photo: Reuters

India’s homegrown travel giant MakeMyTrip is laying off 350 employees in the wake of the COVID-19 pandemic that has affected its business severely.

The company’s founder Deep Kalra and CEO Rajesh Magow communicated the decision to its employees in an internal letter sent out on Friday, a copy of which is with DealStreetAsia.

“We have tried to stay in touch with many of you over the last two months and even as times remain unpredictable, what’s evident is that the impact of COVID-19 crisis is going to be long drawn for us,” the letter stated.

Tourism is one of the worst affected sectors in the COVID-19 pandemic, with both inbound and outbound travel plans coming to a halt as people are almost homebound across diverse markets.

Ever after travel restrictions are relaxed and international borders are opened up, experts say, it will take time for the sector to revive. World over, tourism is staring at gigantic losses, with many companies facing an existential crisis.

As MakeMyTrip spends considerable time thinking about the path to business recovery, it has been forced to revisit some of its strategic imperatives to be able to sustain the 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 in these businesses,” the letter stated.

For those affected, the company said it will provide gratuity, leave encashment, and outplacement support. Besides, it will also offer mediclaim coverage till the end of the year.

Over the past few months, a slew of companies across diverse sectors have made headlines for resorting to job cuts in this crisis period. Some have also put employees on furlough (or unpaid leave) till the situation bounces back to normalcy.

Late last week, online ticket booking firm BookMyShow retrenched or furloughed as many as 270 employees across various functions and teams. Others who have resorted to jobcuts are CarDekho, Lendingkart, Uber, Livspace, and ShareChat, among others.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.