Related Article: Oyo Lays Off 1200 Employees In India After Softbank PressureMeanwhile, other reports suggest that Oyo is laying off thousands of employees in India and China.

Oyo, however, had said that it only terminates contracts of those employees that fail in its performance-based evaluation system.

In 2019, the company had reported a 2.7X jump in the number of bookings in comparison to 2018.

However, the company’s valuation report had shown that Oyo reported a loss of INR 2384.69 Cr in FY19, a 5.5X jump from its losses in FY18.

According to Oyo’s Annual Travel Index 2019, five Oyo rooms were booked globally every second. | To read full story, visit https://startuparound.com/read/1578736805.9195867/Tax-Watchdogs-Raid-Oyo-Office-Amid-Layoffs?ref=audio_experience