ⓘ Featured image: A file-photo of BookMyShow Co-founder & CEO Ashish Hemrajani; Credits: Zee Business
India’s online ticket-booking platform BookMyShow has reportedly let go its 270 employees in a wake of economic crisis due to the COVID-19 pandemic.
Ashish Hemrajani, the CEO of BookMyShow in a statement shared,
“Today, we are at the stage where I have to share with you, the uncomfortable, unfortunate yet inevitable downsizing exercise that we have to take due to the unfavourable environment. We have had to resort to the task of reducing our costs to align them with what we believe will be greatly reduced revenues in the months to come…Out of 1,450 employees at BookMyShow in India and globally, about 270 employees across various functions and teams, will be impacted through this exercise”
He mentioned that out of 1,450 employees at BookMyShow in India and globally, across various functions will lose their job. He also added that the laid-off employees will be provided severance pay of two-month salary, and they will also receive medical insurance cover, along with their nominated family members until September 30.
Hemrahani as a closing note added,
“The company has cut all other expenses and renegotiated with vendors, partners and landlords and after exhausting all other cost-saving measures, we have taken this decision as a last resort,”