OYO

Oyo, the hospitality technology company, announced layoffs affecting 600 executives from its technology and product teams on December 3, 2022. This reduction represents about 10% of its 3,700-employee base. The company is streamlining operations by shutting down experimental projects like in-app gaming and merging teams to improve efficiency, particularly within its European vacation homes business. Concurrently, Oyo plans to hire 250 new employees in sales and partner relationship roles to strengthen its core business development and customer satisfaction efforts. The firm is offering support to affected employees, including assistance with job placement and extended medical benefits.

OYO laid off 600 employees on 2020-12-08.

Hospitality company OYO is laying off a "large majority" of its furloughed U.S. employees, as it does not expect a full global recovery from the pandemic's impact until the second half of 2021. The decision, communicated via email in late April 2020, is part of broader cost-cutting measures due to the severe downturn in the travel industry caused by the coronavirus. Affected employees will receive stock options as part of their severance, though the long-term value of these options remains uncertain. As a major global lodging platform, OYO's move reflects the profound challenges faced by the hospitality sector during the crisis.

Indian hospitality startup OYO, valued at $10 billion and backed by SoftBank, is laying off 150 to 200 of its roughly 300 UK employees, representing a reduction of 50-67% of its workforce there. The company, which operates a platform for booking budget hotel rooms, announced the redundancies in late March 2020, citing the severe impact of the COVID-19 pandemic. UK chief Rishabh Gupta stated that hotel occupancy had plummeted by 80%, forcing the company to align costs with drastically reduced revenue. This move came just weeks after the CEO had assured staff of minimal layoffs, highlighting the rapid and severe economic shock caused by the global health crisis.

OYO laid off 500 employees on 2020-04-25.