News: Travel app ixigo reinstates salaries & grants deeply discounted ESOPs

Compensation & Benefits

Travel app ixigo reinstates salaries & grants deeply discounted ESOPs

The current ESOP grant announced will result in an additional 2.3 percent of the ixigo’s overall shareholding being given to all 150 ixigems (ixigo employees).
Travel app ixigo reinstates salaries & grants deeply discounted ESOPs

Earlier this year, in March, with the lockdown coming into effect and the subsequent travel ban, the travel sector was one of the hardest hit. At that time, ixigo announced graded pay cuts across the team. ixigo's co-founders voluntarily let go of their entire salary and the leadership team took a 60 percent, plus pay-cut graded by pay. The rest of the company mutually agreed to a 20 percent to 50 percent pay cut depending upon the different compensation brackets.

Yesterday, ixigo has reverted salaries for all its employees and has re-initiated hiring for technology and customer experience roles, with an expectation to get back to 50 percent of their pre-Covid revenue level by the end of 2020. 

Aloke Bajpai, Co-Founder & CEO, ixigo said, “Since the inception of ixigo, we have believed in empathy and transparency as our core values. We believe we made the right decision by sticking together and we are well prepared for the next 12 months road to recovery. We expect to get back to 50% of our pre-Covid revenue level by the end of 2020.”

Rajnish Kumar, Co-Founder & CTO, ixigo further added that as part of its employee benefit programs, ixigo will let employees work-from-anywhere till the end of this year, for their safety and comfort.

Travel company ixigo has also granted deeply discounted ESOPs to all its employees to compensate for the pay cuts made during the last three months. This is one of the largest and most deeply discounted ESOP grants in the company’s history, and with the lowest stock vesting period of just one year (as compared to the 4-5 years norm in the industry). While the travel industry has been one the most impacted industries by the pandemic and the subsequent lockdown, the companies in the sector expect to slowly revive as India and other countries move to unlock phase. 

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Topics: Compensation & Benefits, #COVID-19

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