MakeMyTrip laid off 350 employees, Group Executive Chairman Deep Kalra informed the impacted employees about the layoff decision in an email sent on Friday.
Would provide mediclaim coverage for the impacted employees & their families till the end of this year, leave encashment, gratuity, and retain the right to exercise part of the restricted stock unit (RSUs) as applicable.
It has also allowed employees to retain the company’s laptops and will be given outplacement support from salary payments as per their notice period.
“Over the past two months, we have analyzed impact closely and have spent considerable time thinking about a path to business recovery. As a result, it becomes agonizingly clear that there are certain lines of business (LOBs) that are far deeply affected and will take much longer than the others to recover as we revisited some of our strategic imperatives to be able to sustain our business in the long term. Keeping this in mind we have had to take this sad but inevitable decision of rightsizing our workforce,” the email said.
In March, the company’s top executives Kalra and Rajesh Magow had opted to draw ‘zero salary’ from April 2020 and its leadership team had also opted for a 50% voluntary pay cut.
Salary cuts were also announced across all its group companies – MakeMyTrip, Goibibo, and redBus – in the same month to sustain their business for the long term.