India-based OYO has introduced it’s reorganizing with the goal of accelerating the variety of resorts and houses on its world platform.
The corporate says it’ll lay off 600 folks from product and engineering, company headquarters and OYO Trip Houses groups. In the meantime it’s including 250 folks to partner-relationship administration and enterprise improvement groups.
The full impression is a ten% discount in OYO’s workforce.
OYO says it’s rising its relationship administration group to “guarantee
higher client and associate satisfaction” and increasing its enterprise improvement group “to
assist scale up the variety of resorts and houses on its platform.”
Ritesh Agarwal, the corporate’s founder and group CEO, says,
“We shall be doing all that we are able to to make sure that most people we’re
having to let go are gainfully employed. Each member of the OYO group and I
myself will proactively endorse the energy of every of those workers.”
OYO filed preliminary paperwork for an IPO in October 2021. The general public itemizing nonetheless has not occurred, however this fall there was hypothesis it could happen in Q1 2023.
In October, the Competitors Fee of India fined MakeMyTrip, Goibibo and OYO for anti-competitive practices.
Earlier this yr OYO acquired a Denmark-based trip residence administration firm and a Croatia-based trip rental administration firm.