OYO CEO Ritesh Agarwal Urges Companies To Hire Sacked Employees

Ritesh Agarwal, founder and group CEO of SoftBank-backed Indian hotel aggregator OYO, has urged companies that are hiring in tech to hire employees laid off by the company. Recently, OYO announced that it would be reducing its workforce by 10 per cent, laying off 600 out of its 3,700-employee base.

In his LinkedIn post, Agarwal said, “Many talented Oyopreneurs are facing separation from OYO and we want to ensure that they get as much help and support as possible. For companies hiring in tech, reach out to us at talent@oyorooms.com and we’ll share a directory of our outgoing colleagues to re-hire.”

He added that ensuring the well-being of our employees during and after their tenure with us is OYO’s top priority.

“I will actively champion the strength of these talented individuals and support them every step of the way,” Agarwal said.

In a series of layoffs in the IT sector, Amazon, Meta and Twitter have laid off employees. Mark Zuckerberg, CEO of Facebook’s parent company Meta Platforms, said on November 9 that the company has decided to reduce the size of its team by about 13 percent and let go of more than 11,000 employees. Twitter has also laid off 50 percent of its employees.

In October 2021, OYO filed preliminary documents with SEBI to raise Rs 8,430 crore through initial share sale. So far, it has not launched an IPO citing the volatile nature of the market.

However, recently the Federation of Hotel and Restaurant Associations of India said on Tuesday that it has written to SEBI to stop Oyo from launching IPO In the wake of the 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) imposed a total penalty of over Rs 392 crore on online travel firms MakeMyTrip, Goibibo, and hospitality service provider OYO.

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