Oyo to layoff 600 execs across technology teams

Oyo plans to lay off 600 executives across its technology and product teams as it shuts down projects and merges teams.

It is hiring 250 executives in sales, the company said in a statement on Saturday.

It is merging its product and engineering teams for smoother functioning, the firm said.

As the integration of various functions of its European vacation homes business progresses, it is downsizing some parts of the business to increase efficiency and harness synergies.

The company said it has also reassessed its corporate headquarters base afresh and is merging congruent roles and flattening team structures where needed.

It will help place as many employees as possible and provide medical insurance of up to 3 months on average, it said.

Separately, it will be adding 250 members primarily in its relationship management teams to ensure better consumer and partner satisfaction and in business development teams to help scale up the number of hotels and homes on its platform, the company said.