India’s Oyo lays off 600 workers as a part of ‘vast ranging’ reorganisation By Reuters

© Reuters. FILE PHOTO: The emblem of OYO, India’s largest and fastest-growing lodge chain, put in on a lodge constructing is seen by way of wires in an alley in New Delhi, India, September 25, 2018. REUTERS/Anushree Fadnavis/File Picture

(This Dec. 3 story has been refiled to appropriate spelling error in first paragraph)

By Rhea Binoy

(Reuters) – Softbank-backed Indian lodge aggregator Oyo Inns and Properties Pvt Ltd stated on Saturday it’s slicing 600 jobs in its company and know-how departments.

India’s IPO-bound Oyo will minimize 10% of its 3,700-employee base, whereas on the identical time hiring 250 individuals, it stated in an announcement.

Product and engineering groups are being merged to permit for smoother functioning, the corporate stated, including that downsizing in tech can also be taking place in groups which had been growing pilots and proof of ideas such In-app Gaming, social content material curation and patron facilitated content material.

“We will probably be doing all that we are able to to make sure that the general public we’re having to let go, are gainfully employed,” Chief Government Officer Ritesh Agarwal stated.

Oyo Inns first filed to go public in October 2021 nevertheless it has delayed the share sale because of market situations.

The corporate reported a internet lack of 3.33 billion Indian rupees ($40.90 million) within the second quarter of the monetary 12 months in contrast with a lack of 4.14 billion rupees within the first quarter. The corporate’s monetary 12 months runs from April 1 to March 31.

($1 = 81.4100 Indian rupees)