An Oyo spokesman provided numbers but did not elaborate on future cuts or restructuring. The company had 3,700 employees before the layoffs.
Oyo Hotels says it is cutting 600 jobs in its corporate and technology divisions, or about one-sixth of its total workforce.
One Oyo A spokesperson provided numbers but would not elaborate on future cuts or restructurings. The company had 3,700 employees before the layoffs.
SoftBank Group Corp. is the largest shareholder of the hotel booking company. Last month, Oyo reported a loss of 3.33 billion rupees ($41 million) for the quarter ended September, down from 4.14 billion rupees in the previous quarter. Revenue was little changed at around Rs 14.5 billion.
Formally known as Oravel Stays Ltd., the company has targeted an initial public offering in early 2023. The company has submitted preliminary filings. IPO documents in 2021, only to shelve plans to list earlier this year after the protracted pandemic dented its growth and forced the company to cut thousands of jobs.
In the most recent quarter, the startup reduced marketing costs as well as staff and administrative costs. It is now focusing on India, Malaysia, Indonesia and Europe after cutting operations in markets it previously considered important, such as the US and China.
