Hospitality chain Oyo is the latest company to undergo downsizing and consequently laying off a sizable number of employees.
Many Indian firms including Byju’s, Vedanta, Dailyhunt, ShareChat are among those that have already announced job cuts.
Oyo said that it is letting go of 600 employees from its employee count of 3,700.
Overall it is downsizing 10 per cent of its headcount “which includes fresh hiring of 250 members and letting go of 600 employees,” the company said in a statement.
It said that those it is letting go are members of projects that have now been ‘successfully developed’ and deployed such as ‘Partner SaaS’.
They are being either let go or redeployed in core product and tech areas.
The product and engineering, corporate headquarters and the Oyo vacation homes teams are those who will feel the brunt.
It, however, added that fresh staff will be hired.
The company will add 250 people to the partner relationship management and the business development teams to ensure ‘better’ consumer and partner satisfaction.
On the business development front, more people will be added to help scale up the number of hotels and homes on its platform.
It is also merging its product and engineering teams for smoother functioning.
Founder and group CEO Ritesh Agarwal said, “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.”
He further affirmed that Oyo will first reach out to those that were let go as it grows and a need for some of these roles emerges in the future.