Accordingly SoftBank backed oyo Hotels and Homes is laying off hundreds of employees in india, according to a source and an internal memo seen by Reuters, as the loss-making hotel chain cuts costs in pursuit of profits. Meanwhile the move is part of a larger priority to drive profitability and sustainable growth, following a cash-guzzling expansion spree that took oyo to dozens of new markets including china and the united states, an email from Chief Executive Ritesh Agarwal to oyo employees on monday showed.
Agarwal wrote "Some roles at oyo will become redundant as we further drive tech-enabled synergy, enhanced efficiency and remove duplication of effort across businesses or geographies". Furthermore as a result, we are asking some of our impacted colleagues to move to a new career outside of OYO. Apparently the email did not disclose the number of layoffs. However, a person briefed on the matter said the layoffs impact more than 1,000 employees in india across senior, mid-level and junior positions.
Moreover four oyo employees in the indian cities of bengaluru, hyderabad, kochi and the company's headquarters in Gurugram confirmed that employees were being asked to leave. Perhaps local media have reported that oyo was laying off anywhere between 1,000 and 2,000 employees in the country and also an oyo representative did not immediately respond to a request for comment.
