By Rhea Binoy

(Reuters) – Softbank-backed Indian lodge aggregator Oyo Hotels and Homes Pvt Ltd stated on Saturday it ins chopping 600 jobs in its company and know-how departments.

India’s IPO-bound Oyo will reduce 10% of its 3,700-employee base, whereas on the similar time hiring 250 folks, it stated in a press release.

Product and engineering groups are being merged to permit for smoother functioning, the corporate stated, including that downsizing in tech can also be occurring in groups which have been growing pilots and proof of ideas such In-app Gaming, social content material curation and patron facilitated content material.

“We will be doing all that we can to ensure that most of the people we are having to let go, are gainfully employed,” Chief Executive Officer Ritesh Agarwal stated.

Oyo Hotels first filed to go public in October 2021 but it surely has delayed the share sale resulting from market circumstances.

The firm reported a web lack of 3.33 billion Indian rupees ($40.90 million) within the second quarter of the monetary yr in contrast with a lack of 4.14 billion rupees within the first quarter. The firm’s monetary yr runs from April 1 to March 31.

($1 = 81.4100 Indian rupees)

(Reporting by Rhea Binoy in Bengaluru, Editing by Louise Heavens)