OYO Announces Hundreds Of Lay-Offs, Founder Calls It "Unfortunate"
NDTV
Ritesh Agarwal, Founder and Group CEO, OYO, said: "We will be doing all that we can to ensure that most of the people we are having to let go, are gainfully employed. Every member of the OYO team and I myself will proactively endorse the strength of each of these employees.
IPO-bound travel tech firm OYO today announced it will downsize about 10 per cent of its 3,700-employee base by cutting 600 jobs in the technology and corporate verticals and hiring 250 members, primarily in the relationship management teams.
OYO said the move is part of implementing wide ranging changes in its organisational structure. It is downsizing its product & engineering, corporate headquarters, and OYO Vacation Homes teams, while it adds people to the partner relationship management and the business development teams.
"OYO will downsize 10 per cent of its 3,700-employee base, which includes fresh hiring of 250 members and letting go of 600 employees," a statement said.
Product and engineering teams are being merged for smoother functioning, it added.
