Oyo lays off around 300 more employees
Oyo Hotels and Homes has laid off close to 300 employees in its operations team over the last week or so, two people aware of the matter said, as the hospitality unicorn continued to pare costs amid a slump in business.
Oyo’s ongoing shift from a minimum business guarantee model to a revenue-sharing one requires fewer people, said one of the two people cited above, both of whom spoke on condition of anonymity.
“With this, 99% of Oyo’s franchise business will be revenue sharing, with only some properties still following a minimum guarantee assurance. In a bid to also automate several processes, Oyo has introduced newer tech deployments, which created further redundancies for the laid-off staff,” the second person said.
The second person said Oyo might cut more jobs as it looks to extend its runway.