Oyo denies company layoff rumors spurred on by Chinese media

July 31, 2019
Share this Post: 

Hotel giant, OYO Hotels & Homes has denied all claims, calling them absolutely false, saying that it has distributed $100 million of its stated investment goal of $600 million in China.

Oyo Hotels & Homes has sacked an undisclosed number of employees at its Chinese subsidiary Oyo Jiudian, two Chinese media outlets said, although a company spokesperson refuted the claims, terming them “absolutely incorrect.”

Oyo plans to lay off about 1,000 employees from its Chinese development team, Pandaily, which covers technology and startups, recently reported citing sources. The Beijing- and Silicon Valley-based media outlet said the Oyo team has 2,000-3,000 employees.

Yicai Global also tweeted about layoffs at the company, saying Anuj Tejpal, the Chief Business Development Officer at Oyo, had signed off on the same. Yicai Global is the English-language news service of Yicai Media Group, the financial news arm of the Shanghai Media Group, according to its website.

An Oyo spokesperson, however, explained: “Facts are being twisted and misrepresented. In the last few months, we have hired over 1,500 people and will have over 10,000 full-time employees. The resumption of any letting go is wrong, where regular monthly performance reviews are being twisted and reported out of context.”

In a written statement, Oyo said it would allocate $100 million for customer experience, and quality and systems improvements in China, which it considers a home market alongside India. The allocation is the first tranche of its earlier commitment to invest $600 million in the world’s second-largest economy. “We have also created jobs for over 200,000 people in China and will continue to be a leading job creator in China for years to come,” the spokesperson said.

Read more here

Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.

Property Portal Watch Madrid Conference 2019 November 13-15

July 31, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Zillow Housing Data
Zillow Rolls Out AI-Assisted Home Tours Nationwide

Home shoppers across the U.S. can now tour homes virtually using Zillow's free, AI-generated floor-plan tool. Zillow's AI-generated floor plan is...

Read More
Scout24 Boardroom
Scout24 Revenues Grow 15% in Q2 as User Subscriptions Grow to Nearly 300,000

Scout24, Germany's dominant portal, has released its half-year results, with strong performance across the board. Highlights include: Revenue growth of...

Read More
Shutterstock 1356000662
REA Group Smashes A$1 Billion Revenue Barrier as it Capitalizes on 'Buoyant Listings Environment' in FY22

The Australian real estate portal operator REA Group has released its report for the 2022 Australian financial year. Highlights from...

Read More
Shutterstock 502750987
Opendoor Gets Fined $62m, Partners up with Zillow

Opendoor—an iBuying specialist based in the US—has been fined by $62 million by the FTC for misleading customers and posted...

Read More

Editor's Pick