Home Business OYO cuts 10% of its workforce, aims to hire 250 new people ...

OYO cuts 10% of its workforce, aims to hire 250 new people News Jani

OYO cuts 10% of its workforce, aims to hire 250 new people

,

Hospitality major and IPO-bound OYO on Saturday said it is cutting 10 percent of its 3,700-strong workforce, laying off 600 employees while hiring 250 new team members.

According to the company, OYO is merging its product and engineering teams to work seamlessly.

“OYO is downsizing its product and engineering, corporate headquarters and OYO Holiday Homes teams, while adding people to the partner relationship management and business development teams,” the company said in a statement.

“OYO will cut 10 percent of its 3,700-strong workforce, including fresh recruitment of 250 members and retrenchment of 600 employees.”

According to the hospitality major, “tech cuts are also happening among 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 that have now been successfully developed and deployed such as ‘Partner SaaS’ are either being let go or in core product and tech areas such as AI-powered pricing, ordering and payments. I am being redeployed.”

IPO-bound hospitality tech player OYO has surprised industry observers by posting a positive EBITDA of Rs 10 crore in the first quarter of FY23 — on the back of an EBITDA loss of Rs 472 crore in FY22.

The key drivers of that recovery, according to information filed by the company, were higher monthly revenue per hotel due to increased occupancy rates and more homes being added to the platform.

The company said it will add 250 members primarily to its relationship management teams to ensure better customer and partner satisfaction and business development teams to increase the number of hotels and properties on its platform. Help to increase”.

Ritesh said, “Every member of the OYO team and myself will actively endorse the strengths of each of these employees. It is unfortunate that we have to part ways with the many talented individuals who have built the company. I have made valuable contributions,” Ritesh said. Aggarwal, Founder and Group CEO, OYO.

As the integration of the various operations of its European holiday homes business progresses, it is downsizing in parts of the business to increase efficiency and synergies.

The company said it has re-evaluated the foundation of its corporate headquarters and is streamlining aligned roles and team structures where needed.

RELATED ARTICLES
Union Budget 2023-24 | Opposition: Nothing for the poor, middle class; Benefit to one class only , The Congress and several opposition...
Schumer says Senate could add Russia, Iran to House bill ending strategic oil sales to China , Fahad Shabbir (@FahadShabbir) Published February 02,...
Union Budget 2023: How expenditure cuts, key schemes helped curb fiscal deficit , With the government sticking to its path of fiscal consolidation, the move...
Adani Enterprises liquidates fully subscribed FPO Investors will be refunded. , New Delhi: Adani Enterprises on Wednesday said it has decided to withdraw its...
Union Budget: Inclusive, focuses on youth, tribals, farmers, says Shinde , Terming the Union Budget as comprehensive, Chief Minister Eknath Shinde on Wednesday said it...
Adani Group cancels FPO, says will return money to investors , Adani Enterprises said on February 1 that it has canceled its follow-on public offering...

Most Popular

PTI leader Fawad Chaudhary remains in Adiala Jail after bail , PTI leader Fawad Chaudhary remains in Adiala Jail after bail Rawalpindi (92 News) Tehreek-e-Insaf leader...
Finding the radioactive capsule over , Emergency Minister Stephen Dawson says the radioactive capsule that went missing somewhere between Newman and Perth early last month...
Bangla TV actor Leo arrested for torturing his colleague , Street reporterKolkata: A Bengali TV actor has been arrested by the Harideopur police station for...
Fierce fire in the house, father along with 6 children died , Riyadh: Same family during house fire in Saudi Arabia 7 People including...
Union Budget 2023-24 | Opposition: Nothing for the poor, middle class; Benefit to one class only , The Congress and several opposition...
Shahid Khaqan Abbasi gave the reason for resigning from the party post – Pakistan , Giving reasons for resigning from the party post, senior PML-N...
Warehouse full of tanks sparks debate in Belgium , Freddy Versluys doesn't like being called an arms dealer. But he has a large warehouse...
Shahid Khakan resigns from Mariam Bahawalpur Imran Teriyan case , Shahid Khaqan Abbasi says that he had resigned from the party post at the time...