Oyo to lay-off 600 employees

Oyo is laying off 600 employees, mainly from its technology team. The Company has also said that it will hire 250 new employees in its sales team. Ola is likely to come out with its IPO soon. By laying off employees in some of its divisions, the company is trying to control costs so that its financial performance is improved. Oyo has still not achieved profitability. Two years of Covid lockdowns severely hurt the business model of the company. Now that travel has picked up, prospects of the company have brightened once again. 

Ritesh Agarwal, founder and CEO of Ola, has said that he will personally endorse the laid-off employees, for their new jobs.

Agarwal stated on his LinkedIn profile: “We want to make sure that the many great OYOpreneurs who are leaving OYO receive all the help and support they need. Our first focus is ensuring the welfare of our employees, both while they work for us and after they leave. I will aggressively affirm the power of these gifted people and stand by them at every turn.”