According to reports in foreign media, Indian hotel chain brand OYO will cut several thousand employees in China and India.
It is said that the company will cut 12,000 employees in China, accounting for 5% of the total employees in the country; and it will cut 12% employees in India.
OYO was founded by Ritesh Agarwal in 2013 and it has been expanding rapidly with low customer price. At present, OYO has developed business in over 80 markets around the world. With a valuation of USD10 billion, OYO was recognized as one of the most promising start-ups in India and SoftBank is a major shareholder of the company.
OYO entered the Chinese market in November 2017 and it opened first Chinese hotel in Shenzhen. Statistics showed that OYO fully implemented talent localization strategy and it already had over 10,000 employees in China by September 2019. The company predicted that they would have over 20,000 employees in China by the end of 2020.
By June 2019, OYO had become the world's third largest chain hotel by room number and it is the largest chain hotel in China by room number.