TravelTriangle is a leading online travel company, headquartered in Gurugram, India. It was founded in 2011 by Sankalp Agarwal, Sanchit Garg and Prabhat Gupta. It offers customized tour packages to both domestic and international destinations.
History and Funding:
TravelTriangle has been successful in raising funds, with its latest funding round being a Series D funding of $47 million. The funding was led by Nandan Nilekani and Sanjeev Aggarwal’s Fundamentum Partnership, along with existing investors such as SAIF Partners, Bessemer Venture Partners, RB Investments and others. This brought the total funding raised by the company to $81 million.
TravelTriangle has shown tremendous growth since its inception. It has a network of more than 650 travel agents across India and has served more than 8 lac customers. It has been successful due to its unique business model, which allows travelers to customize their travel plans according to their preferences.
Reason of Layoffs:
However, due to the ongoing COVID-19 pandemic, TravelTriangle had to lay off 250 employees on March 28, 2020. This was done to cope with the economic impact of the pandemic on the travel industry. The layoffs accounted for 50% of its workforce.
Statement from Company:
In an official statement, TravelTriangle stated that “the travel industry has been hit hard due to the COVID-19 pandemic, and we have had to take some tough decisions to ensure the long-term viability of our business. The layoffs were necessary to align our workforce with the current demands of the market and to ensure that we can weather this crisis.” The company also pledged to provide comprehensive support to the laid-off employees, including financial assistance and healthcare benefits.
The layoffs at TravelTriangle are a clear indicator of the impact that the COVID-19 pandemic has had on the travel industry. However, the company’s strong funding and innovative business model give hope that it will be able to emerge from this crisis with renewed strength. It is imperative for companies in the travel industry to adapt to the changing demands of the market and take necessary measures to ensure sustainability in the long-term.