OYO's founder calls the announcement of hundreds of layoffs "unfortunate."

 OYO's founder and group CEO, Ritesh Agarwal, stated: "Every member of the OYO team and I will actively support the strength of each of these employees. We will be doing everything we can to ensure that the majority of the people we are having to let go, are gainfully employed.

Ritesh Agarwal, the founder and CEO of OYO, said, "It's terrible that we're having to part ways.

New Delhi: Travel technology company OYO, which plans to go public soon, stated today that it will lay off 600 employees from its corporate and technical verticals and hire 250 others, mostly from the relationship management teams, to reduce its workforce by around 10%, or 3,700 people.

OYO stated that the adjustment is a part of broader organisational structure reforms. It is expanding its partner relationship management and business development teams while shrinking its product & engineering, corporate headquarters, and OYO Vacation Homes teams.

According to a statement, "OYO will downsize 10% of its 3,700-employee base, which includes fresh hiring of 250 members and letting go of 600 employees."

Teams for engineering and product are being combined for improved operation, it was said.The business claimed that tech teams working on pilot projects and proof of concepts for things like in-app gaming, social content curation, and patron-facilitated content are also being reduced in size. Additionally, it stated that staff from initiatives that have already been effectively built and implemented, including "Partner SaaS," are being fired or redeployed to key product & tech areas like AI-driven pricing, ordering, and payments.

In order to increase customer and partner happiness, the company will be hiring 250 additional team members, primarily for its relationship management teams. It will also be expanding its business development teams to accommodate more hotels and residences on its platform.According to OYO, the company is downsizing in some areas of the business as it moves toward the integration of various functions of its European vacation home business in order to boost productivity and capitalise on synergies.In addition, the company has reevaluated the structure of its corporate headquarters and is flattening team structures and merging roles where appropriate.

The business announced that it would provide as many employees with outplacement assistance as possible and maintain their medical insurance coverage for an average of another three months.OYO's founder and group CEO, Ritesh Agarwal, stated: "We will do everything in our power to make sure that the majority of the people we are having to let go are gainfully employed. I will personally and on behalf of the entire OYO team actively support the abilities of each of these personnel.

"It is unfortunate that we are having to say goodbye to so many of these talented people who have given so much to the company," We promise to contact them first and offer them the opportunity as OYO expands and a need for some of these roles arises in the future, Mr. Agarwal continued.