India’s Oyo lays off 600 employees as part of ‘wide ranging’ reorganisation

Dec 3 (Reuters) – (This Dec. 3 story has actually been refiled to fix spelling mistake in very first paragraph)

Softbank-backed Indian hotel aggregator Oyo Hotels and Homes Pvt Ltd stated on Saturday it is cutting 600 tasks in its business and innovation departments.

India’s IPO-bound Oyo will cut 10% of its 3,700- worker base, while at the very same time employing 250 individuals, it stated in a declaration.

Product and engineering groups are being combined to enable smoother performance, the business stated, including that scaling down in tech is likewise taking place in groups which were establishing pilots and evidence of ideas such In-app Gaming, social material curation and client assisted in material.

” We will be doing all that we can to guarantee that the majority of individuals we are needing to release, are gainfully used,” Chief Executive Officer Ritesh Agarwal stated.

Oyo Hotels initially submitted to go public in October 2021 however it has actually postponed the share sale due to market conditions.

The business reported a bottom line of 3.33 billion Indian rupees ($4090 million) in the 2nd quarter of the fiscal year compared to a loss of 4.14 billion rupees in the very first quarter. The business’s fiscal year ranges from April 1 to March 31.

($ 1=81.4100 Indian rupees)

Reporting by Rhea Binoy in Bengaluru, Editing by Louise Heavens

Our Standards: The Thomson Reuters Trust Principles.

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