Today oyo laid off its 70% workforce including senior engineers, new joiners and many product folks, without any concrete reason, Severance package is denied and employees are forced to resign immediately. What’s worse is that the tech team is downsized from 900 to 120 only. Prolly the biggest percentage of layoffs worldwide #techlayoffs2022 #layoffs #tech #indiasalary#tech#layoff
"Severance denied" WTF!!
What?!
Wow
Whoa
And with this mass layoff for the second time in last 2 quarters of 2022 the org goes into maintenance mode as they call it. No product for the next 12 months
Proof? No news
Employees are scared of their clawbacks on retention bonus till 31dec’22 and ESOPs till 1Jan’23 vesting schedule so nobody is posting anywhere
I have seen multiple posts in Linkedin.
OYO was my first job out of college. They were never profitable. At that point they were expanding like crazy, they started their co-working spaces, cloud kitchen, weddings business and what not. They also opened offices in Singapore, Germany and there were talks to open office in Seattle too. They will selling the pitch to the investors that they are the next big tech giant. However, the engineering leadership at OYO was only good at buzzwords. I remember they wanted to replace every function call in CRS with a network call to a micro-service. Suvesh, the SVP of engineering, used to throw random buzzwords. In one tech conference he told, oyo is collecting data to personalize shower temperature and this data will be stored on blockchain. When someone from audience asked why do you need blockchain, he got totally confused. As an oyo alumni, it is sad to see the current state of affairs, however, it was clear from the start that they were never going to be profitable. Feel free to reach out OP. I know a lot of OYO alumni from 2018-2019, I can connect you directly to them.
Shower temperature on blockchain 😂😂
BTW, all these were OYO VPs were Amazon L6 SDM, who were given the charge of 50+ people orgs. They had very little technical expertise, anything you disagreed with, they will say Amazon does this, Amazon does that. Only thing they were good at was selling big ideas, most of which were not needed or poorly executed.
There is no news about this . What is source ?
The CEO is lucky that he made money already, honestly speaking even companies like AirBnb will be shut down pretty soon, now you can imagine OYO
That guy even doubled his salary for 22-23, doesn’t care bout the company and the employees anymore
Not sure about AirBnB , i guess they just most profitable quater. But Oyo could have been a profitable company. It need leadership change