Bengaluru: Two months after hospitality unicorn Oyo (Oravel Stays Pvt Ltd) furloughed staff to save cash, the company has now informed employees in US that a large number of them will have to be laid off.
They will, however, be given stock options.In an e-mail this week, Oyo’s chief operating officer Abhinav Sinha has said that the company has to part ways with many Oyopreneurs, a term used for its employees, once the furlough ends.Despite showing some recovery, US revenue is still 25% below January levels and that sets the company back in a high-growth geography significantly, Sinha said.“More importantly, our global business is today operating at ~30% of pre-COVID revenue levels, with India finally starting to move up in occupancy from.