Chinese travel services and social networking platform Mafengwo is rumored on Maimai, China’s LinkedIn, that it will lay off 40% of employees with severance pay amounting to two months’ pay per year of service.
According to insiders, the massive lay-off will start from December 12. For the employees remaining, only the core departments such as search referral and content creation can receive their year-end bonus.
Mafengwo hasn’t commented on the rumors as of yet.
This is not the first time that Mafengwo has had lay-off related rumors. Earlier this April, reports said that Mafengwo was laying off 10% of its employees. Just last year, Mafengwo denied accusations on Weibo that up to 85% of the reviews on their platform were fake.
The TripAdvisor-like travel services provider was founded in 2007. It completed Series E fundraising of $250 million this May, led by China tech giant Tencent.
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