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

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

By Rhea Binoy

(Reuters) – Softbank-backed Indian resort aggregator Oyo Motels and Properties Pvt Ltd mentioned on Saturday it’s chopping 600 jobs in its company and expertise departments.

India’s IPO-bound Oyo will reduce 10% of its 3,700-employee base, whereas on the similar time hiring 250 folks, it mentioned in a press release.

Product and engineering groups are being merged to permit for smoother functioning, the corporate mentioned, including that downsizing in tech can also be occurring in groups which have been creating 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 will to make sure that the general public we’re having to let go, are gainfully employed,” Chief Government Officer Ritesh Agarwal mentioned.

Oyo Motels first filed to go public in October 2021 nevertheless it has delayed the share sale attributable to 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)