Travel tech firm OYO is making full preparations to bring its IPO. However, before this, a bad news has come for the employees of the company on Saturday. Oyo said that it is going to lay off 600 people by reducing its 3700 employee base by about 10 per cent. These reductions are mainly going to happen in technology and corporate verticals. Although the company is going to hire 250 people in the relationship management team. Oyo said that this step of the company is part of implementing comprehensive changes in the organizational structure of the company. It is downsizing its product and engineering, corporate headquarters and OYO Vacation Homes teams.
600 employees will be laid off
The company said in a statement, “OYO is going to reduce 10 per cent of its 3,700 employee baseIn this, 600 employees will be laid off and 250 employees will also be recruited. The product and engineering teams are being merged for the better functioning of the company.”
The company said that layoffs are also taking place in tech teams that were developing pilots and proofing in-app gaming, social content curation and Patreon facilitated content.
OYO will add 250 members primarily to its relationship management teams to ensure better consumer and partner satisfaction and business development team to help increase the number of hotels and homes on its platform. OYO said that as the integration of the various functions of its European vacation homes business progresses, it is downsizing parts of the business to drive efficiencies and enhance synergies.
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