The world’s economies have been hit hard by the COVID-19 pandemic, leading to companies across various sectors having to resort to layoffs in order to sustain their businesses. One such company that recently underwent layoffs is PickYourTrail, a travel tech firm headquartered in Chennai, India. With an aim to provide unique and personalized travel experiences, Pickyourtrail allows customers to book their travel plans online, thereby doing away with the need for intermediaries.
Founded in 2014, PickYourTrail has been making waves in the travel industry, thanks to its innovative approach. The company has raised $3 million in Series A funding since its inception, with investors including Tiger Global, MakeMyTrip co-founder Sachin Bhatia, and Rajesh Magow, co-founder and CEO of MakeMyTrip.
Prior to the layoffs, PickYourTrail had a workforce of around 200 employees spread across Chennai and Coimbatore. On May 21, 2020, the company laid off 70 employees, which accounted for 35% of its workforce. According to news reports, the reason for the layoffs was the COVID-19 pandemic and its impact on the travel industry.
Speaking on the layoffs, Gangadhar Krishnamurthy, co-founder of PickYourTrail, said, “We had to make some tough decisions in the current climate. While it is never easy to let go of people, we had to realign our business to the domestic market to stay afloat. The COVID-19 pandemic has had a significant impact on the travel industry, and we had no choice but to make some difficult choices.”
The layoffs at PickYourTrail are indicative of the larger trend of companies across sectors having to downsize their workforce in light of the pandemic’s impact on businesses. The travel industry, in particular, has been hit hard, with many airlines and hotels laying off employees to stay afloat.
In conclusion, the layoffs at PickYourTrail underscore the far-reaching impact of the COVID-19 pandemic on the global economy. While the layoffs are undoubtedly a setback for the company, PickYourTrail’s innovative business model continues to hold promise in the travel industry.