Treebo lays off 20% workforce after failing to secure funding; start-up yet to comment
Treebo was founded by IIT Roorkee graduates Rahul Chaudhary, Sidarth Gupta and Kadam Jeet Singh in March 2015; it raised $34 million in 2017 by Hong Kong based hedge funds Ward Ferry Management and Karst Peak Capital
Treebo Hotels, owned by hospitality company Ruptup Solutions, has laid off around 20% of its workforce i.e. approximately 100-120 employees, according to a report by The Economic Times. Failure to secure funding has been cited as a reason behind this firing. According to Economic Times, there were discussions regarding a huge investment of $40 million by a French hotel chain Accor in Treebo. Accor works with several brands and price segments including Sofitel, Ibis, Raffles, Novotel and Mercure.
A fired employee said that the he was shocked by this recent development as the hotel was on a hiring spree just some time back. They have provided the employees with a month's salary and assurance of a good recommendation for jobs. Earlier last year, MakeMyTrip had dropped Treebo from its site owing to an association with Oyo Rooms. Around the same time, Treeboo had also fired 80-90 employees.
Talking about the recent layoffs, an employee posted on his LinkedIn and said that the company has asked their employees to stop working immediately. Although the exact number is not known, but several employees have been asked to leave. However Treebo hotels have not yet commented on this matter.
Treebo was founded by IIT Roorkee graduates Rahul Chaudhary, Sidarth Gupta and Kadam Jeet Singh in March 2015. It raised $34 million in 2017 by Hong Kong based hedge funds Ward Ferry Management and Karst Peak Capital.