600 tech and corporate employees given pink vouchers – The New Indian Express

To online desk

NEW DELHI: India’s largest travel tech company, OYO, which is set to IPO, said on Saturday it will cut about 10% of its 3,700 employee base.

The move will see 600 employees in technology and corporate verticals handed pink slips. The company plans to hire an additional 250 people, primarily to strengthen its relationship management team.

OYO said this was part of a broader change in its organizational structure.

Products and engineering are reduced. Headcount at headquarters and OYO Vacation Homes will also be reduced. The partner relationship management team and the business development team are welcoming new hires at the same time.

“OYO will reduce 10% of its 3,700 employee base, which includes hiring 250 new members and laying off 600 employees,” the statement said.

The company added that the product and engineering teams are integrated to work more smoothly.

READ ALSO | OYO Posts Loss of Rs 33.3 Billion in Q2, Plans IPO in Q1 2023

The downsizing of technology is happening with teams that were developing pilots and proofs of concept for in-app games, social content curation, and patronized content, the company said.

Additionally, members of projects that have successfully developed and deployed such as “Partner SaaS” have either been let go or redeployed into core product and technology areas such as AI (artificial intelligence)-driven pricing, ordering and payments. It is said that there are .

The company has added 250 members, primarily to its relationship management team to help improve consumer and partner satisfaction, and its business development team to expand the number of hotels and residences on the platform.

OYO said it is winding down parts of its European villa business to increase efficiencies and take advantage of synergies as it continues to integrate various functions.

The company is also undergoing a fresh reassessment of its headquarters infrastructure, consolidating joint roles and flattening team structures where necessary, he added.

READ ALSO | Layoffs: When the Tech Industry Gets Ruthless

The company said it will help as many employees as possible with outplacements and continue with medical coverage for an average of up to three months.

OYO Founder and Group CEO Ritesh Agarwal said: Support the strengths of each of these employees.

“It is a shame that we must part ways with so many talented people who have made valuable contributions to the company.As OYO grows and the need for some of these roles emerges in the future, we We are committed to reaching out to .We will provide opportunities for them first,” Agarwal added.

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With PTI input.

</p> <p>NEW DELHI: India’s largest travel tech company, OYO, which is set to IPO, said on Saturday it will cut about 10% of its 3,700 employee base. The move will see his 600 employees in technology and corporate verticals handed pink slips. The company plans to hire an additional 250 people, primarily to strengthen its relationship management team. OYO said this was part of a broader change in its organizational structure. Products and engineering are reduced. Headcount at headquarters and OYO Vacation Homes will also be reduced. The partner relationship management team and the business development team are welcoming new hires at the same time. “OYO will reduce his 10% of its 3,700 employee base, which will include hiring 250 new members and laying off 600 of his employees,” the statement said. said. The company added that the product and engineering teams are integrated to work more smoothly. READ ALSO | OYO Posts Loss Of INR 33.3 Billion In Q2 And Plans To IPO In Q1 2023 In-App Games, Social Content Curation, Patron-Driven Content And More To Pilot and the team that was developing the proof-of-concept, the company says it’s downsizing the technology. Additionally, members of projects that have successfully developed and deployed such as “Partner SaaS” have either been let go or redeployed into core product and technology areas such as AI (artificial intelligence)-driven pricing, ordering and payments. It is said that there are The company has added his 250 members primarily to the relationship management team to help improve consumer and partner satisfaction, as well as the business development team to expand the number of hotels and residences on the platform. increase. OYO said it is winding down parts of its European villa business to increase efficiencies and take advantage of synergies as it continues to integrate various functions. The company is also undergoing a fresh reassessment of its headquarters infrastructure, consolidating joint roles and flattening team structures where necessary, he added. READ ALSO | Layoffs: When the tech industry turns heartlessly, the company has announced it will help as many employees as possible in their new jobs and continue with an average of up to three months of medical coverage. OYO Founder and Group CEO Ritesh Agarwal said: “It is with great regret that we must part ways with so many talented people who have made valuable contributions to the company. As OYO grows and the need for these roles emerges in the future, we would We promise to keep in touch and offer opportunities,” Agarwal added.<br />