Ritesh Agarwal-led hotel company Oyo is going to lay off its workforce in India very soon. In addition, Oyo is preparing to sack more than 1,000 of its employees. The company has taken this decision as part of the process of reorganizing its business in India and a mail has been sent by the company to its employees in India and South Asia. In the mail, Oyo founder and group CEO Ritesh Aggarwal said that it is not an 'easy decision' for him to ask some associates to explore a new career outside the company.
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At present, Agarwal did not say in this mail to employees how many people are being laid off, but according to sources, the company is going to lay off more than a thousand employees. The reason behind this retrenchment is being touted as the company's restructuring process, in which efforts are being made to retain employees as per the requirement. Under this, different units and teams in operations will be reorganized.
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Along with this, Aggarwal informed that the employees leaving the company have also been assured of help. It is being told that Oyo is the second largest unicorn in the country. Apart from this, the name of Paytm comes in the first place. Oio's valuation is about $ 10 billion. The company was founded in 2013. In addition, Oyo's self-operated businesses include Oyo Homes, Oyo Flagship, Silverkey, Oyo Townhouse and Claction O.
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