At the same time, OYO is expanding its partner relationship management and commercial development teams while shrinking its product & engineering team
OYO, a travel technology company on the verge of going public, declared on Saturday that it would reduce its workforce by about 10% of 3,700 people, by eliminating 600 roles in the corporate and technology verticals and bringing 250 others, mostly in the relationship management teams.
OYO stated that the change is a part of broader organisational structure reforms. It is expanding its partner relationship management and commercial development teams while shrinking its product & engineering, company offices, and OYO Vacation Homes teams.
According to a statement, OYO will reduce 10% of its 3,700-employee base, which involves recruitment of new of 250 members and terminating of 600 employees. Teams for engineering and product are being combined for improved operation, it was added.
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The company claimed that tech teams working on pilot projects and confirmation of concepts for things like in-app gaming, social content collection, and patron-facilitated content are also being reduced in size. Additionally, it stated that staff from projects that have already been effectively designed and implemented, like "Partner SaaS," are being fired or redeployed to core product & tech areas like AI-driven pricing, ordering, and payments.
In order to increase customer and partner satisfaction, the company will be hiring 250 additional team members, primarily for its relationship management teams. It will also be expanding its business development teams to accommodate more hotels and homes on its platform.
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In addition, the company has reevaluated the structure of its corporate headquarters and is shortening team structures and combining roles where appropriate. The business announced that it would provide as many employees with outplacement assistance as possible and maintain their medical insurance coverage for an average of another three months.
OYO's founder and group CEO, Ritesh Agarwal, stated: "We will do everything in our power to make sure that the majority of the people we are having to let go are gainfully employed. I will personally and on behalf of the entire OYO team actively support the abilities of each of these employees.
(With inputs from PTI)
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