🌎 London ∙ 👩 At least 34 employees ∙ 🖥 Multiple departments
Oyo, a lodging startup headquartered in India, has cut hundreds of employees globally as the pandemic decimates its business.
In the wake of these layoffs, the Oyo UK division released a talent directory to showcase a few of its affected employees (see link 👇). Employees were told in May that most of the UK staff would be laid off, numbering approximately 150-200 people.
It’s not clear whether the talent directory is meant to cover the May layoffs, or if there’s been a new round in July. The Oyo layoff list features 34 ex-employees, many of whom are in sales.
According to a recent internal memo, Oyo’s global revenue has dropped to ~30% of pre-COVID levels amid declining hotel occupancy rates.
Our live Layoffs Tracker has a real-time report of all startups that have done layoffs.
Although permanent layoffs have been the most common way to shrink staff during the pandemic, dozens of startups instituted furloughs to try to avoid a bigger layoff. Furloughed employees were kept on health insurance and told that their employment status would be revisited in a few months.
Now that the furlough period is ending for some of these employees, we’re starting to see what tech companies decide to do. In a positive sign, Yelp said last week that it would bring back “nearly all” of the 1,100 employees it furloughed in April.
Other employees aren’t so lucky. Vox Media will reportedly lay off most of their furloughed employees, with additional job cuts coming on top. Hospitality startup Oyo laid off the “large majority” of its furloughed U.S. employees.
The Layoffs.fyi Tracker doesn’t count furloughs, but will be tracking which companies end up laying off their furloughed employees.
Below is a recap of the layoffs from this past week.
🏢 LinkedIn ∙ 🌎 SF Bay Area ∙ 👩 960 employees (6%) ∙ 🔗Source
- Professional networking site LinkedIn laid off 960 employees (6%) across its Global Sales and Talent Acquisition teams. The company said its Talent Solutions business has been hurt due to a slowdown in hiring during the pandemic. Talent Solutions sells sourcing tools and job listings to help companies hire.
🏢 Lighter Capital ∙ 🌎 Seattle ∙ 👩 22 employees (49%) ∙ 🔗Source
- Lighter Capital, which provides revenue-based financing to startups, laid off 22 employees (49%). The company previously cut 22% in April. Lighter Capital’s loans are repaid from a startup’s future revenue. But with startups facing lower revenue projections in light to the pandemic, it’s likely that Lighter Capital’s lending model is under pressure.
🏢 Curefit ∙ 🌎 Bengaluru ∙ 👩 120 employees ∙ 🔗Source
- An India-based fitness startup, CureFit’s job cut affected 600 employees, 70-80% of whom were furloughed. The company previously laid off 800 employees in May. Fitness centers are part of India’s shutdown orders, and CureFit has had to permanently close a number of its gyms.
🌎 Various cities across India and China ∙ 👩💼 1,800 employees (9%) ∙ 🖥 Various business roles
Oyo, an India-based budget hotel chain, is laying off 1,800 employees across India and China (9% of staff), and plans to lay off another 1,200 in India in the coming months. The startup has raised a staggering $3.2 billion and was most recently valued at $10 billion by SoftBank. Its fast growth has come with commensurately large losses.