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OyoOyo CEO Ritesh Agarwal<ul class="summary-list"><li>Oyo, <a href="https://www.businessinsider.com/softbank-backed-oyo-layoffs-2020-1">the Indian budget hotel startup backed by SoftBank</a>, is laying off sales employees in the U.S., two sources directly familiar with the cuts told Business Insider. </li><li>Layoffs will impact mainly sales personnel and sales support staff at Oyo's US headquarters in Dallas and other sales hubs.</li><li>The layoffs come just weeks after the startup cut 1,800 jobs across its larger offices in India and China.</li><li>The buzzy startup was <a href="https://www.businessinsider.com/oyo-raises-15-billion-from-ceo-and-other-backers-at-10-billion-valuation-2019-10">widely considered one of the "crown jewels" in SoftBank's portfolio</a> after <a href="https://www.businessinsider.com/softbank-masayoshi-son-vision-fund-portfolio-founders-wework-zume-fair-2019-12">the implosion at coworking startup WeWork</a>. It had raised more than $3 billion in funding and was valued at $10 billion.</li><li>This is the<a href="https://www.businessinsider.com/zume-pizza-robots-layoffs-leadership-turmoil-alex-garden-softbank-2020-1"> latest of job cuts hitting SoftBank-backed startups as the investor pushes its companies to prioritize profitability over growth</a>.</li><li><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>Oyo, <a href="https://www.businessinsider.com/softbank-backed-oyo-layoffs-2020-1">the Indian budget hotel startup backed by SoftBank</a>, is laying off a significant number of its sales and support staff in the US, two sources directly familiar with the cuts told Business Insider. The job cuts come three weeks after the Gurugram, India-based startup said it was eliminating 1,800 jobs at its much larger offices in China and India. Company leaders had described the layoffs as part of a reorganization, consolidating jobs in an effort to juice the company's revenue.It was not immediately clear how many jobs were cut and which offices were affected. Spokespeople for SoftBank and Oyo did not return Business Insider's request for comment. Oyo's layoffs come as other SoftBank-backed companies also restructure with a new focus on profitability. <a href="https://www.businessinsider.com/heres-how-many-people-have-been-laid-off-at-softbank-companies-2020-1">A Business Insider review of SoftBank's portfolio</a> found 2,600 job cuts across Oyo, Rappi, Getaround, and <a href="https://www.businessinsider.com/zume-pizza-robots-layoffs-leadership-turmoil-alex-garden-softbank-2020-1">Zume in the first week of January, </a>and more than 7,000 layoffs in the last year across 14 companies. The total number of cuts doesn't include groups of employees like WeWork's 1,000 janitorial staff who are being outsourced in the US and Canada.In a memo sent to Oyo staff on Wednesday that was seen by Business Insider, chief operating officer Abhinav Sinha cited sustainable growth as the reason for sweeping cuts. He wrote that many roles will become "redundant" under a new business plan that prioritizes profitability over growth. "We will be primarily redirecting resources from sales and sales support functions to functions that build our operational capabilities like revenue management, data science &amp; machine learning, engineering, and other areas," Sinha wrote in the memo.Sinha continued: "These decisions have been really difficult to make. But I am confident that these are the right decisions for the business today."Oyo's US layoffs occurred in two rounds, said two sources with knowledge of the layoffs. Sinha traveled to the US to deliver the news about the first set of cuts in an all-staff meeting in Dallas on January 22, and further layoffs came on January 29, said one source.The second round of layoffs will mostly affect sales personnel and sales support staff, according to the memo. The startup announced an expansion into the US market in a <a href="https://www.prnewswire.com/news-releases/oyo-hotels-the-young-hotel-startup-to-invest-300-million-in-the-us-brings-great-living-spaces-to-more-than-10-states-300871517.html">press release</a> last year, setting up a second headquarters in Dallas and offices in Chicago, Miami, New York, San Francisco, and Seattle.One source told Business Insider that the startup moved its headquarters from a WeWork location in Dallas in January. A LinkedIn search found that several sales employees in Dallas had indicated they departed the company in January, but it is not clear whether those employees were part of the larger layoffs made public Wednesday.The memo seen by Business Insider said that affected employees will receive "all possible assistance and support," but did not detail a severance package. The source familiar with the layoffs said employees were offered up to three weeks' severance pay.<h2>Questionable business practices fueled massive growth</h2>Following the implosion at coworking startup WeWork, <a href="https://www.businessinsider.com/oyo-raises-15-billion-from-ceo-and-other-backers-at-10-billion-valuation-2019-10">Oyo was considered SoftBank's saving grace among its portfolio of cash-burning</a> companies.The startup had raised more than $3 billion in funding since its founding in 2014, though its latest round included $700 million from founder and chief executive Ritesh Agarwal to buy back shares from existing investors Lightspeed Venture Partners and Sequoia Capital. The deal raised Oyo's valuation to $10 billion. <a href="https://www.businessinsider.com/softbank-masayoshi-son-vision-fund-portfolio-founders-wework-zume-fair-2019-12">SoftBank has been on the startup's capital table since 2015</a>.Oyo used some of that money for staff expansion, much of it in India, per job postings analyzed by alternative data company Thinknum. In the US, the company has had fewer than 20 job postings since July and is now down to less than 10.Globally, Oyo's job postings have dropped steeply in the last year, from August's high of 775 to 23 currently. Oyo's premise is relatively simple and based on similar short-term rental or hotel booking startups in the United States, and <a href="https://www.nytimes.com/2020/01/02/technology/oyo-softbank-india.html">has been called "SoftBank's jewel in India"</a> for being one of the country's most valuable private companies.Customers can book hotel rooms in more than 80 countries through an app by marketing local hotels as Oyo franchises. The startup then fronts the costs associated with overhauling the often-struggling hotels, including adding things like WiFi and updated interior decorations. In turn, Oyo takes a percentage of every booking. But the <a href="https://www.nytimes.com/2020/01/02/technology/oyo-softbank-india.html">New York Times reported</a> earlier this month that the startup, and Agarwal in particular, have engaged in questionable business practices to accelerate growth, a common theme among some of SoftBank's hottest investments. The investigation showed that Oyo rented thousands of rooms at unlicensed hotels and guesthouses, and let police and other officials use the service for free to avoid trouble with the authorities.Do you work at Oyo or another SoftBank-backed startup and want to share your story? Contact this reporter via encrypted messaging app Signal at +1 (331) 625-2555 using a nonwork phone, email at mhernbroth@businessinsider.com, or Twitter DM at @megan_hernbroth. <h3>NOW WATCH: <a href="https://www.businessinsider.com/hydrogen-fuel-cell-cars-teslas-biggest-threat-2019-12">Why hydrogen cars will be Tesla's biggest threat</a></h3>

Oyo, the 'jewel' in SoftBank's startup portfolio, just announced more layoffs in the U.S. weeks after cutting thousands of jobs in India and China

IPO-bound <keyword id="2808667" type="General" weightage="20" keywordseo="oyo" source="Orion">OYO</keyword> on Thursday said it has appointed <keyword id="10052750" type="General" weightage="20" keywordseo="prakash-padariya" source="Orion">Prakash Padariya</keyword> as the Chief Information Security Officer for IT and security teams. ''In his role at OYO, Prakash will helm a security strategy for OYO's systems globally, including regions such as India, SEA (Southeast Asia), Europe, the USA and the UK,'' the hospitality technology platform said in a statement. At OYO, Prakash will lead the operations for teams working specifically for IT and cyber security services. He will also be responsible for leveraging technologies such as Big Data Analytics and Artificial Intelligence to enhance the cyber security functions. Padariya joins OYO from the Netherlands-headquartered online payment solutions provider PayU, where he had served in a similar role, the statement said. Padariya will directly report to the company's Chief Technology Officer Ankit Mathuria. ''I am super excited to join OYO at this stage where all of travel is transforming and resurging post COVID-19. I am honoured to be a part of this team and can't wait to start developing solutions to enhance the maturity of all of OYO's products to the next level of security and privacy,'' Padariya said. SEE ALSO <a href="https://www.businessinsider.in/retail/news/amazon-and-future-agree-to-discuss-an-out-of-court-settlement-after-nearly-2-years-of-legal-battle/articleshow/89968120.cms">Amazon and Future agree to discuss an out of court settlement after nearly 2 years of legal battle</a> <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-announced-a-partnership-with-sanmina-a-us-based-electronics-manufacturer/articleshow/89960792.cms">Reliance teams up with US-based Sanmina to create a high-tech electronics manufacturing hub in India</a> <a href="https://www.businessinsider.in/business/startups/news/mobikwiks-upasana-taku-says-all-the-companies-that-made-their-grand-entry-into-bnpl-will-have-a-grand-exit-too/articleshow/89960652.cms">INTERVIEW: Mobikwik’s Upasana Taku says all the companies that made their grand entry into BNPL will have a grand exit too</a>

OYO appoints Prakash Padariya as Chief Information Security Officer

OyoRitesh Agarwal is the chief executive of Oyo.<ul class="summary-list"><li>India's budget hotel chain Oyo has laid off thousands of employees across China and India, according to a report in <a href="https://www.bloomberg.com/news/articles/2020-01-10/softbank-backed-oyo-is-firing-thousands-across-china-and-india">Bloomberg</a>.</li><li>Oyo is the third company in SoftBank's portfolio to jettison jobs this week, following the layoffs at <a href="https://www.businessinsider.com/zume-pizza-robots-layoffs-leadership-turmoil-alex-garden-softbank-2020-1">Zume</a> and <a href="https://www.theinformation.com/articles/getaround-to-lay-off-about-one-fourth-of-staff">Getaround</a>.</li><li>Oyo has raised more than $3 billion in capital, though the last fundraise included $700 million from its young chief executive, Ritesh Agarwal.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>Oyo, a budget hotel chain that's backed by SoftBank, is letting go of 1,800 employees across China and India, according to a report in Bloomberg.The startup has laid off 5% of its staff in China and another 12% of employees in India, as part of a reorganization, a source with knowledge of the situation told Bloomberg. It expects to cut an additional 1,2000 jobs in India, where it's based, in the next several months.Oyo is the third company in SoftBank's portfolio to jettison jobs this week, following the layoffs at robotic pizza startup <a href="https://www.businessinsider.com/zume-pizza-robots-layoffs-leadership-turmoil-alex-garden-softbank-2020-1">Zume</a> and car rental company <a href="https://www.theinformation.com/articles/getaround-to-lay-off-about-one-fourth-of-staff">Getaround</a>.The company lets people book hotel rooms in more than 80 countries through its app. It turns struggling local hotels into Oyo franchises, puts up some money to redecorate and make sure the wireless internet is working, and takes a cut on every booking.Oyo has raised more than $3 billion in capital, though the last fundraise included $700 million from its young chief executive, Ritesh Agarwal. He bought back shares from existing investors Lightspeed Venture Partners and Sequoia Capital, as <a href="https://www.businessinsider.com/oyo-raises-15-billion-from-ceo-and-other-backers-at-10-billion-valuation-2019-10">part of a deal that raised Oyo's valuation</a> to $10 billion. SoftBank has been pumping money into the company since 2015.The startup has been called "SoftBank's jewel in India" for being one of the country's most valuable private companies, though a <a href="https://www.nytimes.com/2020/01/02/technology/oyo-softbank-india.html">recent report in The New York Times</a> said its growth has been accelerated by questionable business practices. An investigation showed that Oyo rented thousands of rooms at unlicensed hotels and guesthouses and let police and other officials use the service for free to avoid trouble with the authorities.Oyo's press office did not immediately respond to a request for comment.Do you work at Oyo or another SoftBank-backed startup and want to share your story? Contact this reporter via email at mrussell@businessinsider.com or Twitter DM at @meliarobin. <h3>NOW WATCH: <a href="https://www.businessinsider.com/elon-musk-job-interview-rule-2013-12">How Elon Musk can tell if job applicants are lying about their experience</a></h3>

Oyo, the hotel startup known as SoftBank's 'jewel in India,' has laid off 1,800, becoming the 3rd SoftBank-backed company to cut jobs this week

<ul class="summary-list"><li>SoftBank-backed hotel chain startup Oyo is set to cut about 5,000 people, or 17% of its workforce, in the wake of the coronavirus outbreak.</li><li>In an interview with Bloomberg published Wednesday, Oyo's CEO Ritesh Agarwal said the move would leave the firm with around 25,000 staff worldwide - down from around 30,000 as of January.</li><li>Agarwal admitted the coronavirus outbreak has "hit us" in China, describing it as a "tough time for our hotel partners." </li><li>Oyo's downsizing comes as SoftBank's portfolio of startups faces growing pressure to prioritize profitability.</li><li>Business Insider has approached Oyo for comment.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>SoftBank-backed hotel chain startup Oyo is set to axe thousands of jobs as the coronavirus outbreak begins to bite.In <a href="https://www.bloomberg.com/news/articles/2020-03-04/softbank-backed-oyo-to-cut-about-5-000-jobs-in-broad-overhaul">an interview with Bloomberg published Wednesday</a>, Oyo's CEO Ritesh Agarwal said the move would leave the firm with around 25.000 staff worldwide - down from around 30,000 as of January.Citing anonymous sources, the publication added that staff based in China, the US and India will be fired, including roughly 3,000 China-based employees. Agarwal admitted the coronavirus outbreak has "hit us" in China, describing it as a "tough time for our hotel partners." Oyo's downsizing comes as SoftBank's portfolio of startups faces growing pressure to prioritize profitability over expansion - especially in the wake of WeWork's <a href="https://www.businessinsider.com/wework-ipo-fiasco-adam-neumann-explained-events-timeline-2019-9?r=US&amp;IR=T">calamitous, ultimately canceled IPO</a> last year.Masayoshi Son's SoftBank was an early backer of Oyo and has continued to invest heavily in the company.In its latest funding round - a SoftBank-led Series F in October 2019 - <a href="https://www.businessinsider.com/oyo-raises-15-billion-from-ceo-and-other-backers-at-10-billion-valuation-2019-10?r=US&amp;IR=T">Oyo raised $1.5 billion</a>, with $700 million of that coming from Agarwal himself.Business Insider has approached Oyo for comment.

SoftBank-backed hotel startup Oyo will cut 5,000 staff as coronavirus bites

<ul><li>OYO, which already has 50 hotels in the US, has invested $300 million to expand its presence. </li><li>It will soon enter New York, Los Angeles and San Francisco.</li><li>Softbank founder Masayoshi Son, who is one of the biggest backers of the startup, has said that OYO will be able to achieve its aim of being the world’s largest hotel network.</li></ul>Indian hospitality unicorn OYO is investing as much as $300 million to expand its footprint in the United States. The $5 billion company is already the largest network of hotels and rooms in South Asia, and the second largest in China. Now, it is looking to enter big markets like New York, Los Angeles and San Francisco. It already has 50 hotels across 15 states in the US, with 350 employees. It is currently present in cities like Dallas, Houston, Augusta, Atlanta and Miami. “We are convinced there is unlimited potential for rapid growth in our newest home market, the United States,” said <keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword>, Founder &amp; CEO of OYO. With its expansion in the US, OYO claims it has already created 1000 jobs. The six-year old startup has been eyeing international growth for over two years. OYO expanded its business in China in 2017, and it has paid off. China is now one of its biggest markets. These aggressive growth plans support OYO’s ambition to become the world’s <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">biggest</a> hotel chain. It is <a href="https://inc42.com/buzz/hospitality-unicorn-oyo-may-raise-1-bn-to-turn-decacorn/">reportedly</a> in talks to raise $1 billion to reach a valuation of $10 billion. And in this quest for global expansion, the company has the backing of big investors like the Japanese investment bank Softbank as well as Airbnb, which used to be a competitor in the hospitality until April 2019 when the Silicon Valley star decided to invest in OYO. Now, OYO is looking to spread its wings in the US which is one of the biggest markets for Airbnb. In a general shareholders meeting, SoftBank founder Masayoshi Son <a href="https://www.business-standard.com/article/companies/oyo-may-become-largest-hotel-network-in-the-world-softbank-s-masayoshi-son-119062000123_1.html">said</a> that OYO will soon become the world’s largest hotel network. It was Softbank's investment that led OYO into the Indian unicorn club with a $5 billion valuation in September 2018, a huge jump from the $900 million valuation it had until then. In April 2019, it announced a partnership with Japan-based SoftBank Corp and the SoftBank Vision fund expansion in the country. It runs housing rental service called OYO Life in Japan currently. See Also: <a href="https://www.businessinsider.in/home-renting-giant-airbnb-invests-in-indian-unicorn-oyo-rooms/articleshow/68670636.cms">Airbnb picks up a stake in its Indian rival Oyo Rooms</a> <a href="https://www.businessinsider.in/oyo-rooms-eyeing-acquisition-of-freshmenu/articleshow/68112104.cms">Oyo wants a bite of foodtech, may acquire Freshmenu: Report</a> <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">A 6-year-old Indian startup wants to be world’s biggest hotel chain</a>

OYO is making a march to the top US cities with $300 million and blessings from Softbank and Airbnb

<ul><li>The 6-year old hospitality unicorn has become China’s largest hotel chain. </li><li>Earlier in June, <keyword id="2808667" type="PERSON" weightage="20" keywordseo="OYO">OYO</keyword> had also announced its expansion plan in the US. </li><li>The company is on a steady growth phase to become the world’s largest hotel chain.</li></ul>The Indian hospitality unicorn OYO has achieved the numero uno position in one of the world’s toughest markets – China. It has become the largest hospitality chain in China, within two years of its entry into the market. The company is the process of investing $100 million out of the $600 million it had earlier committed to China. It is present in over 337 cities and has 500,000 rooms in the country. OYO already hired 10,000 people and created for 200,000 jobs indirectly, in the market. The six-year-old startup has much higher ambitions in sight – to become the world’s largest hotel chain, as conveyed by its CEO Aditya Ghosh earlier this <a href="https://www.businessinsider.in/former-indigo-chief-is-aiming-to-make-the-6-year-old-oyo-the-worlds-largest-hotel-chain/articleshow/67536612.cms">year</a>. OYO has over 175,000 rooms in India. It is also adding 60,000 rooms every month, globally. Earlier this month, OYO said that it will invest $300 million to expand its footprint in the United States – into cities like New York, Los Angeles and San Francisco. It already has 50 hotels across 15 states in the US. It is currently present in cities like Dallas, Houston, Augusta, Atlanta and Miami. In April 2019, it partnered with SoftBank Corp and SoftBank Vision fund for expansion in Japan. It also runs a housing rental service called OYO Life in the country. See Also: <a href="https://www.businessinsider.in/oyo-airbnb-and-softbank-hotel-rooms-in-top-cities-like-new-york-los-angeles-and-san-francisco/articleshow/69873552.cms">OYO is making a march to the top US cities with $300 million and blessings from Softbank and Airbnb</a>

Indian unicorn OYO has conquered China and is now the country’s largest hotel chain

Tech giant <keyword id="10387" type="General" weightage="20" keywordseo="microsoft" source="Orion">Microsoft</keyword> and travel technology platform <keyword id="2808667" type="General" weightage="20" keywordseo="oyo" source="Orion">OYO</keyword> on Thursday announced that they have entered a multi-year strategic alliance to co-develop next generation travel and hospitality products and technologies. OYO will adopt <keyword id="1033762" type="General" weightage="20" keywordseo="Microsoft-Azure" source="Orion">Microsoft Azure</keyword> as a key enabler to drive cloud-based innovations and reimagine the hospitality and travel tech industry. The solutions will be geared to benefit patrons who operate small and medium hotel and home storefronts. Microsoft has also made a strategic equity investment in OYO. "Combining the power of Azure with the tech and product stack developed by OYO, we are looking forward to accelerating innovation in travel and hospitality," Anant Maheshwari, President, Microsoft <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>, said in a statement. As part of this alliance, OYO will develop Smart Room experiences for travellers on the OYO platform, such as premium and customized in-room experiences for its guests. Using Microsoft's Azure IoT, the experience will include self-check-in supported by a digital register of arrivals and departures and self-Know Your Customer (KYC) along with IoT-managed smart locks and virtual assistance. "We are excited to join hands with Microsoft in our constant endeavour to improve business opportunities for the small and independent hotel and home owners, and to redefine experiences for travellers," said Abhinav Sinha, Global COO and Chief Product Officer - OYO Hotels and Homes. "This alliance with Microsoft will accelerate the deployment of our products in the hands of small businesses we work with, allowing us to create even more impact through an integrated technology ecosystem available on the cloud for businesses in the remotest corners of the world," Sinha added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/ford-motor-to-stop-manufacturing-cars-in-india-4000-employees-may-lose-jobs/articleshow/86065322.cms">Ford Motor to stop manufacturing cars in India; 4,000 employees may lose jobs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/amazon-vs-future-retail-supreme-court-stays-delhi-high-courts-verdict-enforcement/articleshow/86064426.cms">Amazon Vs Future Retail: Supreme court stays Delhi High Court's verdict enforcement</a>

Microsoft announces strategic investment in OYO

<ul><li><keyword id="1670338" type="PERSON" weightage="20" keywordseo="Ritesh-Agarwal">Ritesh Agarwal</keyword>, founder and CEO of OYO, has had quite a journey over the years. </li><li>He had founded the company when he wasn’t even 20. </li><li>Today, OYO is racing with speed to be one of the world’s biggest hotel chains.</li></ul>While he has not even attained 25 years of age, Ritesh Agarwal, the CEO of OYO has seen it all – popularity, business success and financial prosperity. He has made something unique at a time when others had not even thought of it – a hotel booking software that would assure room for anyone at their favorite hotel at competitive prices. Ritesh says, his success was not an easy one. Here are some interesting facts about Ritesh Agarwal that will inspire any reader. Ritesh Agarwal was not confident about his studies Ritesh doubted his own abilities to do well in college or working for someone. Hence he jumped into something like building OYO. He says, “I knew if I had gone to college, I would not have done well. And then my family would hate me. So I felt if my family was to hate me anyway, I would rather do what I feel very excited about!” He failed six times before succeeding Ritesh had once commented that he failed six times before he succeeded in his OYO venture. Ritesh says, “If you have not failed, you have not hardened yourself.” Hails from a simple family Ritesh hails from a family running a small local shop in Southern Orissa. If he had not chosen to take a different course for his life, he would have ended up overseeing the shop. Ritesh wanted to do something exciting. Every entrepreneur has a story behind him. He started working with SMEs and tried to bring them sales. It was only in his second venture, he started with making success that too slowly. Initially the VCs thought he was talking about real estate business Ritesh’s task of convincing the VCs to fund his venture was not an easy one. When he attempted to find a solution to the hotel booking process, something like OYO had not been built earlier. The investors asked if there was anything similar to what he was trying to build. While they all interpreted his venture as a real estate business, only two months later they all started when competition started building up. OYO had to climb a steep uphill The forward march of OYO into success was not easy as it sounds. Managing the component of predictability was a mammoth task for them. This challenge still continues. After they had standardized 45,000 rooms spread across 160 cities, managing the same set of facilities again and again, dealing with the issues that crop up, maintaining the 4* ratings on TripAdvisor and satisfying the customers on maximum deals were a tough job which they could manage efficiently with a lot of efforts. OYO has a favorable business scene in the international market Ritesh says OYO does not have an international competitor who will breathe down its way. So when it comes to discounting and cash burning, OYO possibly has the least amount of burning and so faces a favorable economics on its journey forward. See Also: <a href="https://www.businessinsider.in/unknown-facts-about-flipkart-founder-sachin-bansal/articleshow/70494717.cms">Flipkart founder Sachin Bansal</a> <a href="https://www.businessinsider.in/paytm-founder-vijay-shekhar-sharma-unknown-facts/articleshow/69941150.cms">Paytm Founder Vijay Shakhar Sharma</a> <a href="https://www.businessinsider.in/10-interesting-facts-about-gautam-adani-that-you-should-know/articleshow/69900616.cms">Interesting facts about Gautam Adani</a>

Ritesh Agarwal: Interesting facts about oyo founder ritesh agarwal

New Delhi, Apr 22 () OYO on Wednesday asked some of its staff in India to go on leave with limited benefits from May 4 for four months, and also asked all employees in the country to accept a cut in their fixed salaries by 25 per cent due to the impact of the COVID-19 on the hospitality industry. The company currently has around 10,000 employees in the country. "We had to take the hard decision of placing some OYOpreneurs on a leave with limited benefits (LwLB) from May 4, 2020, for four months until August 2020," OYO India and South Asia CEO Rohit Kapoor said in a email send to the employees which has been accessed by . Those going on this leave will avail benefits such as continuation of medical insurance and parental insurance, school fee reimbursement and ex-gratia support, he added. "In addition, to our colleagues on LwLB, in case there is an unforeseen medical emergency, we will support beyond the insured amounts, if the need so arises," Kapoor said. All these colleagues remain integral to the OYO family and "we hope we will be in a position to welcome them back into full-time roles sooner rather than later," he added. OYO is taking all necessary actions to mitigate COVID-19's impact and ensure long-term success and sustenance of the business while ensuring there are no job cuts despite the economic pressures, Kapoor said. When asked about the number of employees it is placing on leave, the company refused to share any numbers. The company, however, confirmed that the employees will receive an ex-gratia amount equal to a total of 60 per cent of the monthly fixed salary, paid in two equal instalments across May and June. OYO is also taking a difficult but necessary step for India, whereby the company is asking all employees to accept a reduction in their fixed compensation by 25 per cent. This will be effective for April-July 2020 payroll, Kapoor said. "All other benefits and terms of your contract will remain unchanged. Also, note that this action will be planned in such a way that post the proposed pay cut, the fixed compensation for any employee is not less than Rs 5 lakh per annum. "This ensures a large percentage of our colleagues at lower pay scales see no impact," he added. Earlier this month, OYO had started placing some of its employees on furloughs or temporary leaves in the US and other select markets on account of slump in the hospitality industry due to COVID-19 pandemic. "OYO has been a leading brand in the hospitality industry, hence the revenue impact of the crisis is significant - about 50-60 per cent revenue drop now... For our peer hotel chains in the industry, the revenue drop impact is as high as upwards of 75 per cent," OYO Founder and Group CEO Ritesh Agarwal had said at that time. AKT ANSANS

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Oyo, the 'jewel' in SoftBank's startup portfolio, just announced more layoffs in the U.S. weeks after cutting thousands of jobs in India and China

Megan Hernbroth,Meghan Morris…

OYO appoints Prakash Padariya as Chief Information Security Officer

PTI

Oyo, the hotel startup known as SoftBank's 'jewel in India,' has laid off 1,800, becoming the 3rd SoftBank-backed company to cut jobs this week

Melia Russell

SoftBank-backed hotel startup Oyo will cut 5,000 staff as coronavirus bites

Charlie Wood

OYO is making a march to the top US cities with $300 million and blessings from Softbank and Airbnb

Sanchita Dash

Indian unicorn OYO has conquered China and is now the country’s largest hotel chain

Sanchita Dash

Microsoft announces strategic investment in OYO

IANS

Ritesh Agarwal: Interesting facts about oyo founder ritesh agarwal

BI India Bureau

OYO asks some India employees to go on leave with limited benefits, cuts fixed pay of all by 25 pc

PTI

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