Oyo crosses five lakh room inventory in China despite rumours about layoffs
The company revealed plans to invest $100 million in the country
Despite the expansion plans, reports about layoffs in the group’s Chinese subsidiary — Oyo Jiudian — were being circulated by the country’s media.
According to Chinese media, Pandaily, the company plans to lay off 1,000 employees from its development team. Another media outlet Yicai Global reported that Anuj Tejpal, the chief business development officer at Oyo, had signed off on the layoffs.
However, Indian media reported that Oyo denied the layoffs. According to the Economic Times, a spokesperson told the newspaper that they hired 1,500 people in the last few months. The source added that “regular monthly performance reviews are being twisted and reported out of context”.
The group was recently in the news due to an ongoing fight with small-time hotels in India.