Oyo layoffs: 600 employees sacked as part of 'wide ranging' reorganisation

India's Oyo lays off 600 employees as part of 'wide ranging' reorganisation

By:REUTERS
| Updated on: Dec 06 2022, 14:09 IST
OYO
600 employees lost their job in a mass Oyo layoff. (REUTERS)

Softbank-backed Indian hotel aggregator Oyo Hotels and Homes Pvt Ltd said on Saturday it is cutting 600 jobs in its corporate and technology departments.

India's IPO-bound Oyo will cut 10% of its 3,700-employee base, while at the same time hiring 250 people, it said in a statement.

You may be interested in

MobilesTablets Laptops
7% OFF
Apple iPhone 15 Pro Max
  • Black Titanium
  • 8 GB RAM
  • 256 GB Storage
23% OFF
Samsung Galaxy S23 Ultra 5G
  • Green
  • 12 GB RAM
  • 256 GB Storage
Google Pixel 8 Pro
  • Obsidian
  • 12 GB RAM
  • 128 GB Storage
Apple iPhone 15 Plus
  • Black
  • 6 GB RAM
  • 128 GB Storage

Product and engineering teams are being merged to allow for smoother functioning, the company said, adding that downsizing in tech is also happening in teams which were developing pilots and proof of concepts such In-app Gaming, social content curation and patron facilitated content.

Also read
Looking for a smartphone? To check mobile finder click here.

"We will be doing all that we can to ensure that most of the people we are having to let go, are gainfully employed," Chief Executive Officer Ritesh Agarwal said.

Oyo Hotels first filed to go public in October 2021 but it has delayed the share sale due to market conditions.

The company reported a net loss of 3.33 billion Indian rupees ($40.90 million) in the second quarter of the financial year compared with a loss of 4.14 billion rupees in the first quarter. The company's financial year runs from April 1 to March 31.

Catch all the Latest Tech News, Mobile News, Laptop News, Gaming news, Wearables News , How To News, also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 06 Dec, 14:09 IST
Tags:
NEXT ARTICLE BEGINS