Oyo Axes Staff and Pares Back Ambitions: Where Does It Go From Here?
Those unbelievable expansion numbers that Ritesh Agarwal used to rattle off? We won’t be hearing them again in 2020. The Oyo founder is forced to think of business sustainability. Let’s see if he’s adept at it.
Oyo's founder Ritesh Agarwal on Monday sent an internal note to all its India employees confirming rumors that surfaced recently that the budget hotel chain was laying off staff.
He also offered a new roadmap for the embattled company for 2020 and beyond. The priorities outlined are telling on where Oyo has gone wrong, and beg the question: Will this go down as a dark chapter in Oyo's history, or will Oyo be history?
The note did not say how many staff would be let go, but an Oyo insider told Skift "at the moment it would be over 1,000 in India, 600 in China, and very few in other markets."
