Online hotel aggregator Oyo on December 3 said it is “letting go of 600 employees”, who are part of the product and engineering, corporate headquarters and Oyo vacation homes teams.
At the same time, the company noted that it would be hiring 250 new members for partner relationship management and business development teams.
With the laying off of 600 employees and hiring of 250 fresh members, the net downsizing will be around 350. This adds up to nearly 10 percent of Oyo’s 3,700-employee base.
“We will be doing all that we can to ensure that most of the people we are having to let go, are gainfully employed,” Oyo Group CEO and Founder Ritesh Agarwal said.