Gabriel Budi Sutrisno · · 1 min readOyo lays off 600 people amid restructuring plans
Oyo, an India-based hotel chain backed by SoftBank, is cutting 600 staff members in its corporate and technology divisions amid restructuring, Reuters reported.
The company had 3,700 employees before the firing. At the same time, Oyo will be hiring 250 new staff.
As part of the reorganization, the company said that it will be merging its product and engineering teams. It added that the cuts are happening in departments that were developing pilots and proof of concepts.
In 2021, Oyo filed for an initial public offering, but it postponed the listing plan earlier this year due to market conditions.
The company has cut down operations in China and the US and is now focusing on India, Southeast Asia, and Europe.
Editing by Deepti Sri and Lorenzo Kyle Subido
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