It was only in March that one of Russia?s hottest startups ? hotels booking service Ostrovok.ru - raised $25 million in a Series B round led by billionaire investor Yuri Milner. We said at the time that this market is very capital-intensive, especially in a market like Russia. But today we learn just how difficult this might be in the mid-term. Today the company has announced on their blog that they are letting go of a third of their staff. Staff will be compensated with 3 months full salary and bonus, and their options will also vest. To Ostrovok's credit they are making the news public so that their staff can find new positions: "If you need great people, write to Kate (katya@ostrovok.ru)".Source: http://feedproxy.google.com/~r/Techcrunch/~3/A2-zwV7UX-Q/
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