Description: Oyo’s European country house business strategy is evolving and is reducing several business areas to improve efficiencies and leverage synergies.
As per the statement declared by Oyo on Saturday, it plans to lay off 600 executives in the field of technology and intends to hire 250 executives in the field of sales.
“Oyo is downsizing its product and engineering, corporate headquarters, and the Oyo vacation homes teams, while it adds people to the partner relationship management and the business development teams. Oyo will downsize 10% of its 3700-employee base, which includes fresh hiring of 250 members and letting go of 600 employees,” the company said in a statement.
For optimum utilization of resources, Oyo has planned to merge its team related to product and engineering.
“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 which 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,” the company said.
The company also said it has reevaluated its headquarters and is merging overlapping roles and restructuring its teams wherever necessary. On the contrary, Oyo will add 250 employees in the HR field to ensure better consumer satisfaction and in business development teams to increase the number of hotels and homes on its platform.
“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. 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.” Ritesh Agarwal, Founder and Group CEO, Oyo, said.