Online booking platform Cleartrip has laid off up to 100 employees across functions due to dwindling hotel and flight bookings in India.
A person on a condition of anonymity shared with media, "They have laid off about 80-100 people across their offices in Gurgaon, Mumbai, and Bengaluru in functions like business contracting and business development."
Cleartrip’s India business has been dwindling over the last few years. Its market share both in flight and hotel booking space is declining due to increased competition as well as the merger between prominent rival MakeMyTrip and Ibibo.
It is reported that the Mumbai-headquartered online travel company is looking to move its core functions to West Asia. A source close to the firm was quoted saying, “Cleartrip is focusing more in the Middle East, and India seems to be falling off its radar."
Cleartrip did not confirm or deny the layoff news but shared its India headcount over the last six months had increased over 25 percent and will continue to focus driving growth in the Indian market.
Cleartrip reported revenues of Rs 320 crore for 2017-18, which is 17 percent up from the previous year. However, its net loss is reported at Rs 62 crore and was about the same as 2016-17.