New Delhi: According to a Bloomberg report, Oyo is going to lay off about 5,000 employees, the largest number of people will be laid off in China, where the business has collapsed due to an outbreak of the corona virus. After this retrenchment, the number of employees in Oyo will come down to 25,000.
Japan’s SoftBank Group has a large investment in this Indian startup. The company will reduce its workforce in China, the US and its local market India to increase its profits.
Ritesh Aggarwal, the company’s founder and chief executive officer, said in an interview, “During the last phase, we added a lot of properties to our platform and created awareness about the brand.”
