Cleartrip, the online travel platform, has laid off up to 100 workers across functions due to declining flight and hotel bookings in India along with also a lukewarm reaction to its list of experiences across the Earth, inside employees familiar with the advancements specified.
“They’ve laid off roughly 80-100 people across their offices in Gurgaon, Mumbai, and Bengaluru in departments like business contracting and business development,” an inside organisation individual said.
The business is now looking to move its center functions to West Asia, the sources claimed.
“Cleartrip is focusing more in the Middle East, and India seems to be falling off its radar,” another individual close to the company’s affairs told.
Cleartrip’s India company has been declining over the last few decades, using its market share decreasing in the flight and hotel booking space due to increasing competition in addition to the merger between larger rival MakeMyTrip and Ibibo.
InsideMint attempted to verify the employee layoff news but Cleartrip failed to confirm or deny any layoff, however, said its India headcount over the last six months had risen over 25 percent and that it’s dedicated to driving growth in the Indian market. “We continue investing in products and technology that will be core to the value which the Indian clients see,” the company said in a statement.
Cleartrip reported earnings of Rs 320 crore for 2017-18up 17 percent from the previous year, but its net loss at Rs 62 crore was roughly the same as 2016-17.
The company’s total expenses for 2017-18 have been reported as Rs 381 crore, up from Rs 336 crore from 2016-17, as per documents accessed in the Registrar of Companies (RoC) by company research entity Tofler.