On 5 May 2020, employees of holiday marketplace TravelTriangle received a bolt from the blue. An email from chief operating officer (COO) Sanjeev Misra informed them that co-founder Sankalp Agarwal was no longer chief executive officer (CEO). Another co-founder—chief technology officer (CTO) Prabhat Gupta—was also relieved of his duties by the board of directors. Misra would take charge as interim CEO.
On the rocks
Investor-founder feud takes the wind out of TravelTriangle’s sails
TravelTriangle CEO Sankalp Agarwal has been fired twice and reinstated twice in the last six months as the company's investors try to force him out. Meanwhile, TravelTriangle has fired over 80% of its staff
The investors weren’t happy with the founders’ fundraising and the company’s Rs 5 crore per month cash burn
The founders alleged that investors tried to secretly sell the company to MakeMyTrip
The pandemic brought everything to a head, forcing layoffs by the hundreds
Now, even as TravelTriangle tries to course-correct, the CEO and the investors are locked in a pitched battle