Oyo’s layoff spree continues, thousands from India in line of fire

BCCL”One of the implications of the new strategic objectives for 2020, is that, like the leadership team, we will re-organise more teams across businesses and functions,” Oyo CEO Ritesh Agarwal said in an email. HighlightsThe move comes as the SoftBank-backed hospitality chain looks to rein in costs and streamline operations.Oyo could also streamline operations, moving…

Oyo’s layoff spree continues, thousands from India in line of fire

BCCL”One of the implications of the new strategic objectives for 2020, is that, like the leadership team, we will re-organise more teams across businesses and functions,” Oyo CEO Ritesh Agarwal said in an email. HighlightsThe move comes as the SoftBank-backed hospitality chain looks to rein in costs and streamline operations.Oyo could also streamline operations, moving its various hospitality brands, Oyo Home, Oyo Life and SilverKey within the same business function, an executive said.Additionally, Oyo has also offloaded about 25% of its unprofitable properties in India across businesses, sources said. NEW DELHI|BENGALURU: Oyo Hotels and Homes is firing an estimated 2,400 employees, or 20% of its total workforce in India, over the course of this week, people directly familiar with the matter told ET.
The layoffs, which kickstarted with an internal email by founder Ritesh Agarwal to employees on Monday, will primarily be in mid-management, business development, sales and operations roles, and in select technology teams.
Take part in ETRise Top MSMEs, India’s definitive ranking for Micro, Small & Medium Enterprises“The intent is to bring the headcount down by another 20% at least, and launch another resizing exercise by the end of March,” a top company executive told ET, requesting anonymity. The move comes as the SoftBank-backed hospitality chain looks to r
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