Shulou(Shulou.com)11/24 Report--

Oyo, an Indian hotel chain start-up, said on Saturday that it would cut 600 jobs in its corporate and technology divisions as part of a "massive" restructuring. Oyo was supported by Softbank Corp.. The company said in a statement that it would cut 10 per cent of its workforce and hire another 250 new employees.

Oyo says its product and engineering teams are merging to ensure smoother operations. The company added that teams in technology departments developing pilot and verification projects such as in-app games, social content management and user-generated content will be laid off.

"We will try our best to make sure that most people who are laid off have an income," said Ritesh Agarwal, chief executive of Oyo. "

Oyo first applied for listing in October 2021, but delayed the listing due to market conditions.

The company reported a net loss of 3.33 billion Indian rupees ($40.9 million) in the second quarter from July to September 2022, compared with a loss of 4.14 billion rupees ($50.85 million) in the previous quarter.

Welcome to subscribe "Shulou Technology Information " to get latest news, interesting things and hot topics in the IT industry, and controls the hottest and latest Internet news, technology news and IT industry trends.