Ruptub Solutions, which owns and operates Treebo Hotels, has reportedly laid off around 120 employees. In another development, logistics company Delhivery has allotted shares under ESOP to 18 employees.
Treebo lays off about 120 employees
The reason for the layoffs has been the failure on the company’s part to raise a large funding round. French hotel chain Accor was reportedly looking to invest up to $40 million in Treebo. The company had also cut 70-80 jobs last year after online travel agency MakeMyTrip stopped listing the company on its platform.
As per the report, the employees who have been restrenched have been given a month of severance pay, and an assurance of a recommendation for a job.
Delhivery allots shares under ESOP
The present and ex-employees who have received ESOPs include senior directors, VPs and engineers, the report added.
Founded in 2011 by Barua, Mohit Tandon, Bhavesh Manglani, Suraj Saharan and Kapil Bharati, Delhivery was recently in the news for securing over $400 million in a financing round led by the SoftBank Vision Fund.