OYO to fire employees, Ritesh writes letters to employees

OYO has not started the year in its best form. In the first two weeks of the year they have faced mass layoffs, IT raids, and vendor fallouts. Within these two weeks, OYO's Founder and Group CEO, Ritesh Agarwal has written to his employees, given assurances, held town halls, and met different people in his team.

After an email sent out to its employees, Ritesh has now addressed his team on the way forward. In this town hall mail, Ritesh has emphasized the importance of profitability along with sustainable growth. He even spoke about right-sizing in the OYO team, and has written that the recent efforts at right-sizing the organisation have been a significant chapter in their evolution as a company. It has not been an easy decision at all. He wanted to thank every OYOpreneur for their efforts and fully understand the impact this may have caused.

About 69 percent of the impacted OYOpreneurs opted for outplacement support that OYO offered. Oyo has been in touch with over 48 companies and shared around 900 profiles with them. The positive reception by other companies towards OYOpreneurs has overwhelmed Ritesh.

In the email Ritesh wrote, “I have no hesitation in admitting that growing at the pace at which OYO has in the past few years, we sometimes went ahead of ourselves and pressure-tested our organisation at multiple levels. This year, we are taking steps to address this.”