Updated: Sat, 03 Dec 2022 06:40 PM IST
THE TRAVEL tech firm OYO announced on Saturday that it will reduce about 10 percent of its 3,700-employee base by cutting around 600 jobs in the technology and corporate verticals. It will also hire around 250 members, mostly in the relationship management teams.
The company said that it is working to implement wide-ranging changes in its organisational structure. It is cutting the number of employees in the product and engineering, corporate headquarters, and OYO Vacation Homes verticals while adding members to the partner relationship management and business development teams.
"OYO will downsize 10 percent of its 3,700-employee base, which includes fresh hiring of 250 members and letting go of 600 employees," a statement said, as quoted by news agency PTI.
It also stated that the product and engineering teams are being merged for improved efficiency.
The downsizing is also taking place in the verticals where the company is developing pilots and proofs of concept, such as in app-gaming, social content curation, and facilitated content, the company said.
The company will add 250 members to its relationship management teams to ensure consumer and partner satisfaction. It is downsizing because of the integration of various functions of the company’s European vacation home business and to increase efficiency and harness synergies.
The company’s founder and Group CEO, Ritesh Agarwal, 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 strengths 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, as quoted by news agency PTI.