Oyo to downsize 600 employees, hire 250 executives

Online hotel aggregator Oyo is laying off 600 employees in technology and corporate verticals. However, as part of wide-ranging changes in their organisational structure, Oyo plans to hire 250 new employees for partner relationship management and business development teams. The announcement was made on Saturday by Oyo Group Ritesh Agarwal in a statement to the company.

"OYO will downsize 10 per cent of its 3,700-employee base, which includes fresh hiring of 250 members and letting go of 600 employees," a statement said. Product and engineering teams are being merged for smoother functioning, it added.

Ritesh Agarwal, Founder and Group CEO, OYO, 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.

"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. As OYO grows and a need for some of these roles emerges in the future, we commit to reaching out to them first and offering them the opportunity," Agarwal added.