Oyo risks turning into another problem startup for SoftBank and Son, still reeling from the meltdown at the shared-office company WeWork.
Oyo said in a statement it's furloughing employees in countries excluding India without specifying numbers, adding that it's not considering job cuts at this time.
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Firms to set up isolation rooms, led by Apollo Hospitals
To pay members a sum equal to a proportion of past year's revenue
The restructuring in China is in line with the global restructuring exercise announced in January 2020, said sources.
Misra planted negative stories against Nikesh Arora to damage his reputation in the company
SoftBank declined to comment on Oyo's internal issues and practices beyond Son's comments, but said it believes the company can have a sustainable expansion in Japan with good corporate governance.
Hospitality firm OYO on Tuesday said its corporate channel has witnessed an 80 per cent increase in revenue on a year-on-year basis on account of strong growth trajectory in corporate bookings. The company currently has a total of over 8,400 active corporate accounts, OYO said in a statement. The company's corporate channel contributes over 30 per cent to the total revenues of OYO, it added. The revenue of corporate channel for the calendar year 2019 stood at Rs 459 crore, OYO said. "The corporate travel segment is a key engine of growth for us and we are seeing strong demand for our standardised and affordable offerings from business travellers across India," OYO Hotels & Homes India & South Asia COO Gaurav Ajmera said. The company welcomed over 4,000 new corporations in 2019 and their trust in the brand is a testament to the value OYO is creating for its corporate customers, he added. "As part of our continuous efforts to strengthen the corporate portfolio, we are working to
Housing.com, which is also backed by Softbank, Accel and SAIF Partners, has tied up with OYO Life and Zolo to promote their co-living spaces on its platform.
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It was reported last week that Oyo had let go of about 1,200 people from its China business, and an equal number are likely to be asked to leave in India
CEO Ritesh Agarwal said that asking some of the colleagues to move to a new career outside of OYO has not been an 'easy decision'
It has let go of 5 per cent of its 12,000 employees in China partly due to non-performance
Oyo is part of a group of prominent start-ups that have sprinted to get as big as possible, fed by money from large investors such as the Japanese conglomerate SoftBank
In the coworking space, top seven operators - Cowrks, WeWork India, Awfis, Regus, Smartworks, 91springboard and OYO Workspaces - have more than 350 centres across cities in the country
Oyo says it is investing in technology to ensure reconciliations happen faster and expects all owners to partner in delivering superior guest experience
In 2019, Oyo saw some interesting travel trends through its properties
Internet, voice and messaging services by Airtel, Vodafone Idea and Reliance Jio were suspended in parts of Delhi-NCR following instructions from the police