Bangalore-based online budget hotel aggregator Treebo is trimming its employee count by 10%. The development was first reported by The Economic Times. Confirming the development to MediaNama, a Treebo spokesperson said that the company has asked 80 people to leave, "which represents less than 10% of our total workforce." According to the ET report, Treebo currently employs 800 people. The spokesperson added that "We have made significant investments on technology products and process innovations since the early days of our journey, even when we were small in scale...This, in turn, has allowed us to now take a critical look at our payroll and other costs, and rationalise them in line with our future plans." The statement read that this is in line with the company's long-standing approach to build a sustainable business. "It is unfortunate that our commitment towards the economic health of the larger organisation has translated into us parting ways with some of our valued colleagues. We have tried our level best to offer them a smooth exit through such things like an appropriate severance package, accelerated vesting of ESOPs for colleagues nearing vesting milestones, and assistance in finding the next opportunity," the spokesperson added. Note that in June, Treebo acquired Events High, a marketplace for events and activities, to expand beyond its offering of budget hotels, and enter into events and activities segment. Post the acquisition, Events High employees were absorbed by Treebo. In August 2017, Treebo had received Series C funding of $34 million led by Hong Kong-based investment firms Ward Ferry Management and…
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