In the past month, homegrown hotel startup Oyo has replaced the chief executive officer of its new real estate business, received a host of complaints from hotel partners and witnessed the exit of a joint venture partner in the home market of its largest investor, SoftBank.
Now, Oyo plans to cut jobs in India to reduce costs ahead of an expected slowdown in funding for internet companies, one person familiar with the matter said, requesting anonymity.
The Economic Times reported on Thursday that Oyo may lay off about 2,000 employees by the end of January, citing people close to the company. An employee, who was recently laid off, said, requesting anonymity, that the startup let go off at least 1,000 employees in early November.
However, responding to queries, an Oyo spokesperson said, “The numbers will be 250-500, including the ones that will be given other opportunities to explore within the company… With Rohit taking over as the CEO for the India SA operations across businesses, we have re-evaluated the performance of several employees in select teams and, based on the performance, and the individual’s interests, we may replace some individuals after giving them the opportunity to go through a performance improvement programme,”
Credits : Live Mint