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Oyo Japan is creating a six-member management oversight panel to deal with its virus-stricken business. Its headcount has shrunk by 450 since October.
Oyo’s global headcount will fall by about 17% from 30,000 in January as the start-up seeks to boost profitability, Ritesh Agarwal says.
With its chaotic rush to expand in Japan, Oyo infuriated potential partners, alienated workers and jeopardised its reputation with local customers.
Manager at OYO Aasha Residency hotel admits it is turning away customers from Jammu and Kashmir but blamed it on “verbal orders” of Delhi Police.
OYO founder Ritesh Agarwal was just 18 when he came up with the idea. Within just a few years, OYO surpassed the valuation of India’s oldest hotel company.
Oyo is in trouble and is undergoing a restructuring, trimming redundancy in China and India, leading to thousands of dismissals.
Byju’s is raising funds at $8 billion valuation & overtakes Snapdeal. It is the only one of the top three that hasn’t taken funding from SoftBank or its Vision Fund.
Delhi Minorities Commission says it will take legal action if OYO Rooms fails to furnish satisfactory reply.
There are enough anecdotes to suggest OYO’s management may be struggling to keep order among franchisees while maintaining focus on adding more.