India-based OYO has announced it is reorganizing with the aim of increasing the number of hotels and homes on its global platform.
The company says it will lay off 600 people from product and engineering, corporate headquarters and OYO Vacation Homes teams. Meanwhile it is adding 250 people to partner-relationship management and business development teams.
The total impact is a 10% reduction in OYO's workforce.
OYO says it is growing its relationship management team to “ensure
better consumer and partner satisfaction” and expanding its business development team “to
help scale up the number of hotels and homes on its platform.”
Ritesh Agarwal, the company’s founder and group CEO, says,
“We will be doing all that we can to ensure that most of the people we are
having to let go are gainfully employed. Every member of the OYO team and I
myself will proactively endorse the strength of each of these employees.”
OYO filed initial documents for an IPO in October 2021. The public listing still has not happened, but this fall there was speculation it may take place in Q1 2023.
In October, the Competition Commission of India fined MakeMyTrip, Goibibo and OYO for anti-competitive practices.
Earlier this year OYO acquired a Denmark-based vacation home management company and a Croatia-based vacation rental management company.