CEO Ritesh Agarwal said in the interview that the company’s target for 2020 would be growth with profitability, adding that his company’s global headcount would be 25,000 after the downsizing.
Oyo Hotels is planning to fire 5,000 employees, the hotel aggregator’s CEO and founder Ritesh Agarwal told Bloomberg in an interview.
Most of the lay-offs will be in China, where the economy is reeling under the impact of the Coronavirus outbreak.
Agarwal said in the interview that the company’s target for 2020 would be growth with profitability, adding that his company’s global headcount would be 25,000 after the downsizing.
Oyo has been facing a lot of bad press over the last year with partner hotels complaining of unfair fee increases.
In July last year, Apex industry body Federation of Hotels and Restaurant Association of India (FHRAI) filed a complaint with the Competition Commission of India against OYO, accusing it of charging excessive commissions from hotel partners and providing deep discounts.
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