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OYO lays off around 300 employees; claims company is making changes to keep up with current business realities

OYO lays off around 300 employees; claims company is making changes to keep up with current business realities

OYO lays off around 300 employees; claims company is making changes to keep up with current business realities
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By Megha Vishwanath  Dec 8, 2020 7:56 PM IST (Updated)

Sources told CNBC-TV18 that OYO has been realigning some of its verticals and automating some of its business functions which led to some redundancies across a few functions.

Hospitality unicorn and SoftBank-backed OYO has laid off around 300 employees. According to sources close to the matter, the company has introduced some operational changes aligned with the current business realities.

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Sources told CNBC-TV18 that OYO has been realigning some of its verticals and automating some of its business functions which led to some redundancies across a few functions.
According to a Moneycontrol report, most of the staffers are from the renovation and operations departments.
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"We have done no significant restructuring at this point in time. There are some localised actions basis change in business models and our move towards product and technology to serve our partners and customers keeping in mind the current business realities," said an OYO spokesperson
In June, OYO had decided to offer all its employees, including furloughed employees, deeply discounted ESOPs, subject to requisite board approvals. The impacted employees have been given an option to surrender and offer cancellation of 25 percent of the unvested deeply discounted ESOPs (RSUs).
Earlier in August OYO had started reinstating salaries of employees in a phased manner. OYO had put some of its India employees on furlough from May 4 for four months, and had also asked all its employees to take 25 percent pay cuts from April to July as the company revenues fell globally due to the COVID-19 crisis.
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