OYO is letting go of 600 employees. The layoff will majorly affect the employees involved in tech roles in product and engineering teams. At the same time, OYO will be adding 250 employees, primarily to its relationship management team to boost sales, in the coming months.
In a statement, the company said that it aims to downsize 10 per cent of its 3700-employee base, which includes the 600 employees being laid off and a fresh batch of 250 being hired. In 2020, the company had laid off 300 people.
This comes against the backdrop of OYO reporting a loss of Rs 333 crore in the quarter ending September 2022 as compared to Rs 414 crore in the previous quarter.
However, the IPO-bound company registered a 23 per cent increase in gross booking value (GBV) per hotel in the last quarter ending September as compared to the previous quarter. OYO filed its draft red herring prospectus (DRHP) for its Rs 8,000 crore public listing in October 2021.
Last month, the National Company Law Appellate Tribunal (NCLAT) stayed the penalty of Rs 169 crore imposed on OYO, which the Competition Commission of India (CCI) had passed. The CCI had fined OYO and MakeMyTrip based on the allegations of anti-competitive practices.
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