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Hospitality chain OYO plans to let go of 600 employees and fresh hire 250 members. The IPO-bound company said in a statement that it is downsizing its product and engineering, corporate headquarters and the OYO Vacation Homes teams, while adding people to the partner relationship management and the business development teams.
Oyo Twitter handle
“OYO will downsize 10 percent of its 3700-employee base, which includes fresh hiring of 250 members and letting go of 600 employees,” the company said.
The company will be adding 250 members primarily in its relationship management teams and plans to merge product and engineering teams for smoother functioning. “The 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-facilitated content. Additionally, members of projects who have now been successfully developed and deployed such as ‘ Partner SaaS’ are being either let go or are being redeployed in core product & tech areas such as AI-driven pricing, ordering and payments,” it said in a statement.
“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 myself will proactively endorse the strength of each of these employees. It is unfortunate that we are having to part ways with a lot of these talented individuals who have made valuable contributions to the company. As OYO grows and a need for some of these roles emerges in the future, we commit to reaching out to them first and offering them the opportunity,” said Ritesh Agarwal, founder and group CEO, OYO.
The Softbank-backed company filed its fresh IPO documents on September 19th this year, stating that the company has reported a revenue of INR 1459 crore in the three-month period ended on June 30, 2022.
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