BENGALURU : One year ago, Oyo (Oravel Stays Pvt. Ltd), was not just India’s second-most valuable internet startup, it was one of the biggest employers among internet companies in the country.
At the end of last year, Oyo’s staff count touched 30,000 globally and about 10,000 in India.Today, Oyo employs less than 10,000 people across all its markets, including India.
Though the shrinkage seems stunning, the company is likely to shed even more staff in the coming months as demand continues to remain feeble, people familiar with the matter said.In an interview with Mint, Oyo founder and chief executive Ritesh Agarwal said that the company will continue to invest heavily in technology (which may affect a few jobs) but doesn’t anticipate any.