Oyo plans to lay off 600 executives across its technology and product teams as it shuts down projects and merges teams. It is hiring 250 executives in sales, the company said in a statement on Saturday.u201cOyo is downsizing its product and engineering, corporate headquarters and the Oyo vacation homes teams, while it adds people to the partner relationship management and the business development teams. Oyo will downsize 10% of its 3700-employee base, which includes fresh hiring of 250 members and letting go of 600 employees, the company said in a statement. It is merging its product and engineering teams for smoother functioning, the firm said.Teams that were working on pilot projects and proof of ideas for things like in-app gaming, social content curation, and patron-facilitated material are also being downsized in the IT industry. Members of projects that have already been successfully produced and deployed, like Partner SaaS, are also being fired or redeployed to key product & tech areas like AI-driven pricing, ordering, and payments, the business stated.
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In order to improve efficiency and capitalise on synergies, it is shrinking some company operations as it moves toward the merger of various activities of its European holiday home business. The corporation stated that it has also reevaluated its corporate headquarters location and is flattening team structures and consolidating similar positions where necessary.According to the statement, it will assist in placing as many employees as possible and offer medical insurance for up to three months on average.Separately, the company announced that it would be hiring 250 more employees, especially in its relationship management teams to boost partner and customer satisfaction and in business development teams to expand the number of hotels and residences on its platform.We will make every effort to ensure that the majority of the people we are forced to let go have productive employment. I will personally and on behalf of the entire OYO team actively support the abilities of each of these personnel. It is unfortunate that we are having to part ways with a lot of these talented individuals who have made valuable contributions to the company. We promise to get in touch with them first and provide them with the opportunity when Oyo expands and some of these roles become necessary. Oyo’s founder and group CEO, Ritesh Agarwal, stated.
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