OYO Hotels, the India-based hospitality giant has been hit with a wave of layoffs since the pandemic and has decided to let go a huge portion of its engineering team on Dec 2, Friday.
Oyo plans to lay off 600 executives across its technology and product teams as it shuts down projects and merges teams. It is hiring 250 executives in sales, the company said in a statement on Saturday.
“Oyo is downsizing its product and engineering, corporate headquarters and the Oyo vacation homes teams, while it adds people to the partner relationship management and the business development teams. Oyo will downsize 10% of its 3700-employee base, which includes fresh hiring of 250 members and letting go of 600 employees,” the company said in a statement.
It is merging its product and engineering teams for smoother functioning, the firm said.
“The downsizing in tech is also happening in teams which were developing pilots and proof of concepts such as in-app gaming, social content curation and patron-facilitated content. Additionally, members of projects which have now been successfully developed and deployed such as ‘Partner SaaS’ are being either let go or are being redeployed in core product & tech areas such as AI-driven pricing, ordering and payments,” the company said.
The total headcount impacted by these layoffs was unclear, but an unnamed source impacted by the layoffs says us that close to 600 employees from Engineering and recruitment.
The company has been hit with huge layoffs since the pandemic, letting go of close to 1500 employees in 2020, and 2021. Only to begin a hiring spree in the end of 2021 and 2022 only to get back to sacking them again.