Oyo Hotels is firing thousands of staff across China and India, adding to growing signs of trouble at one of the largest startups in SoftBank Group’s portfolio, reported Caixin.
The company has let go of 5% of its 12,000 employees in China partly due to non-performance, while dismissing 12% of its 10,000 staff in India, said Caixin sources. It plans to shed another 1,200 in India over the next three to four months, with Oyo undergoing a restructuring, trimming redundancy in China and India, leading to thousands of dismissals.
“We continue to be one of the best places to work for and one of the key reasons for this has been our ability to consistently evaluate, reward and recognize the performance of individuals in a meritocratic manner, and enable them to improve their performance,” Oyo said in a statement.
You must log in to post a comment.