Ritesh Agarwal, founder and group CEO of Softbank-backed Indian hotels aggregator OYO, has urged companies that are hiring in tech to hire the employees laid off by the company. Recently, OYO announced that it will downsize 10 per cent of its workforce, laying off 600 of its 3,700-employee base.
In his LinkedIn post, Agarwal said, “Many talented OYOpreneurs are having to part ways with OYO & we want to ensure they receive as much assistance and support as possible. For companies that are hiring in tech, reach out to us at email@example.com and we will share a directory for rehiring our outgoing colleagues."
He added that ensuring the well-being of its employees, both during and after their tenure with us, is OYO’s top priority.
“I will proactively endorse the strength of these talented individuals, and support them every step of the way," Agarwal.
In a series of IT sector layoffs, Amazon, Meta and Twitter have laid off employees. Mark Zuckerberg, CEO of Facebook’s parent company Meta Platforms, on November 9 said the company has decided to reduce the size of its team by about 13 per cent and let more than 11,000 employees go. Twitter has also laid off 50 per cent of its employees.
In October 2021, OYO filed preliminary papers with Sebi to raise Rs 8,430 crore through an initial share sale. So far, it has not launched an IPO, citing the volatile nature of the market.
However, recently, the Federation of Hotel & Restaurant Associations of India on Tuesday said it has written to Sebi to stop OYO from launching its IPO in the wake of a penalty imposed by the Competition Commission of India on the hospitality and travel-tech firm for unfair business practices.
In October this year, the Competition Commission of India (CCI) slapped penalties totalling more than Rs 392 crore on online travel firms MakeMyTrip, Goibibo, and hospitality services provider OYO for indulging in unfair business practices.
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