OYO Is Exiting Loss-Making Ventures, Including OYO Life

OYO Raises INR 54 Cr From HT's Hindustan Media Ventures

SUMMARY

As part of its cost-cutting measures and sustainability drive, OYO plans to exit OYO Life, say reports

After laying off thousands of employees, the company is now planning to let go of people working in ancillary units

OYO has already given up its headquarters in Gurugram and is leaving other offices

As Covid-19 cases continue to rise in India, life is getting more challenging for hospitality and travel platforms like OYO, MakeMyTrip and others, which are trying to take their businesses back to the pre-pandemic level by tweaking products and services in sync with the new normal.

In spite of raising more than $800 Mn from SoftBank and RA Holdings in 2020 and $7.5 Mn from Hindustan Media Ventures earlier this year, hotel rooms aggregator OYO has been cautious during these troubled times and continues to trim unviable/loss-making business models.