Shuttl plans salary cuts and lay-offs amid coronavirus lockdown

Shuttl, the app-based bus aggregator, is headed for salary cuts and probably lay-offs, as the Sequoia-backed start-up stares at business losses amid the lockdown.

In mail to employees, co-founder and CEO Amit Singh stated that he and co-founder Deepanshu Malviya were taking a 50 per cent salary cut, adding that the company would have to forgo bonuses in the current financial year. The mail, reviewed by Business Standard, also stated that the firm was considering interim pay cuts, and could also hand out pink slips starting FY21.

“Start-ups like ours typically work on 18-24 months of oxygen support. If we lose