Mass layoffs-More 600 employees laid off from India’s Oyo
2022.12.03 10:34
Mass layoffs-More 600 employees laid off from India’s Oyo
Budrigannews.com – JSC Oyo Hotels and Houses, the Indian hotel operator Softbank, on Saturday announced the liquidation of 600 posts in its corporate and technological divisions. Oyo, a company planning an IPO in India and based in Indonesia, said it would find 250 people, as well as lay off 10% of the 3,700 employees.
The company announced that the product and engineering teams will be combined to make everything more calm. It also says that the technical team that worked on the pilot projects and tested concepts such as playing applications, curating social content, as well as customer-oriented content will also be reduced.
CEO Ritesh Agarwal stated, “We will do everything in our power to ensure that the majority of those we have to dismiss work with income.” Initially, Oyo Hotel OJSC applied for the placement of shares at the end of October 2021, but market conditions delayed their sale.
Net profit for the second quarter of the fiscal year was 3.33 billion. Indian rubles or $ 40.90 million, and the loss for the first quarter amounted to 4.14 billion. rupees. The financial year for business begins on April 1, ends on March 31.
