Employees of the hotel industry's popular company OYO are in danger. The Bloomberg report says that the company will lay off 1,200 other employees in India in the next three to four months. Apart from India, the company will reduce the number of employees in China as well. Let us tell you here that the startup company Oyo provides budget hotel service in India and China.
Crises on Company
According to the report, 5 per cent of the 12 thousand employees working in Oyo China have shown the way out. At the same time, 12 percent of the 10 thousand employees working in India have been laid off. The departments which have been retrenched include Sales, Supply and Operation. Apart from this, 1200 other employees will also be laid off in the coming three to four months.
Company Says…
"We are one of the best places to work. One of the key reasons for this has been our ability to consistently evaluate, reward and identify employee performance," Oyo, a firm founded by Ritesh Agarwal, said in a statement. However, this crisis within Oyo is going to raise concerns for Masayoshi Son's Softbank.
SoftBank has invested $ 1.5 billion in this company through a vision fund. The company's value is currently $ 10 billion. At the same time, Oyo Rooms has more than one lakh rooms. Let us know that the name of the website started with the name 'Oraval' was given Oyo rooms in the year 2013. It was started by Ritesh Agarwal. In a very short time, this startup also got recognition and softbank support.
