As it closes projects and integrates teams, Oyo expects will lay off 600 employees across its technology & product divisions.
Oyo Would Fire Off 600 Executives
The business announced on Saturday that it is employing 250 sales professionals.
"Oyo is reducing the size of its product and engineering teams, corporate headquarters, and Oyo vacation homes teams, while increasing the size of its partner relationship management and business development teams."
"Oyo will cut 10% of its 3700-person workforce, including 250 new hires and 600 layoffs," the business stated in a statement.
Oyo Rooms: According to the company, it is integrating its product and technical teams to improve efficiency.
"Technology teams that were building pilots and proof of ideas like as in-app gaming, social content curation, and patron-facilitated material are also being downsized."
Furthermore, members of projects that have now been effectively built and implemented, such as 'Partner SaaS,' are being let go or redeployed within core product and technology areas including such AI-driven pricing, ordering, and payments," the business added.
As it continues to integrate various activities of its European vacation homes business, it is shrinking some portions of the business to enhance efficiency and leverage synergies.
The corporation also stated that it has examined its corporate headquarters location and is consolidating congruent jobs and simplifying team structures where appropriate.
It will assist in placing as many employees is possible and it will give medical insurance for up to three months on average, according to the company.
Separately, the firm announced that it will hire 250 people, especially through its relationship management staff to ensure improved customer and partner satisfaction, and in business development groups to help expand up the number of hotels and residences on its platform.
"We will do everything possible to guarantee that the majority of the individuals we have to let go remain gainfully employed." Every member of the OYO team, as well as myself, will actively support the abilities of each of these personnel.
It is terrible that we must part ways with many of these outstanding professionals who have contributed significantly to the organization.
As Oyo expands and some of these opportunities become available, we will reach out to them first & give them the chance." Oyo's Founder and CEO, Ritesh Agarwal, stated.
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