Home
Internet
Internet News
Oyo Denies Report Claiming It Will Cut 2,000 Jobs in India by January End

Oyo Denies Report Claiming It Will Cut 2,000 Jobs in India by January-End

Oyo said it denies a report claiming it will cut thousands of jobs in the near term.

By Reuters | Updated: 19 December 2019 18:36 IST

Oyo Denies Report Claiming It Will Cut 2,000 Jobs in India by January-End

Last month, Oyo's internal projections showed that its India business will make losses until 2021

Click Here to Add Gadgets360 As A Trusted Source

Highlights

Oyo will lay off at least 2,000 employees in India
The company plans to cut jobs as its business was dented
Oyo allows guests to book hotels through its mobile app

SoftBank-backed Oyo Hotels and Homes will lay off at least 2,000 employees in India by the end of January, the Economic Times reported citing people close to the company.

The Indian hospitality startup plans to cut jobs as its business was dented amid rising discontent among hotel owners, the paper reported.

Oyo, valued at $10 billion, allows guests to book hotels through its mobile app and charges partnering hotels a fee on room revenue. It also franchises its brand and offers standardised amenities at hotels on its network.

"Oyo does see technology replacing select roles in various business side engagement buckets ... we, however, deny that Oyo anticipates replacement of thousands of people in the near term," the company said in a statement.

Last month, the company's internal projections showed that its India business will likely make losses until 2021.

The growing losses at Oyo come as its major investor SoftBank struggles to raise funding for a second investment fund, after the failed listing of office-rental company WeWork and amid questions about the path to profitability of other marquee investments such as Uber.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.