IPO-bound OYO To Shed 10% Of Its 3,700-employee Base; 600 Employees Fired
December 4, 2022: Ritesh Agarwal, Founder and Group CEO, OYO, said, “We will do everything possible to ensure that the people we have to let go are gainfully employed.
Every member of the OYO team and myself will actively support them. of each of these employees.” Amid the global recession, many companies have been forced to lay off employees in cost-cutting measures.
Many Indian companies including Byju Raveendran led Byju, Vedanta, DailyHunt, ShareChat have announced job cuts.
Now, Ritesh Agarwal-led hospitality chain OYO will also face massive workforce downsizing and layoffs.
OYO said on Saturday that it is reducing staff size and laying off 600 employees from its 3,700-employee base.
However, he added that new staff would be recruited. “OYO is downsizing its product and engineering, corporate headquarters, and OYO Vacation Homes teams, while adding people to the partner relationship management and business development teams.
The company will cut 10 percent of its 3,700-employee base, including hiring 250 new members and laying off 600 employees,” the company said in a statement.
The company is looking to hire people for the Partner Relationship Management and Business Development team.
OYO is also merging its manufacturing and engineering teams to streamline operations. Downsizing in tech is also happening in teams that were developing pilots and proof-of-concepts such as in-app gaming, social content curation, and patron-friendly content, the hospitality chain said, adding that project members have now ‘successfully developed’ and ‘ Deployments such as partner SaaS’ are either let go or reorganized into the core product and tech areas.
“We will do everything possible to ensure that the people we are going to let go are gainfully employed. Every member of the OYO team and myself will actively support the strengths of each of these employees,” the founder and Group CEO Ritesh Agarwal said.
Expressing that it is unfortunate to part with these talented individuals who have made invaluable contributions to the company, Ritesh Agarwal assured that the company is committed to OYO’s growth and reaching out to them first for the opportunity some of these need.
Roles emerge in the future. The startup will bring on board 250 members primarily in its relationship management teams to ensure ‘better’ consumer and partner satisfaction.
In addition, it will also add people to the business development team to help increase the number of hotels and homes on its platform.
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