OYO Announces US Layoffs, CEO Boosts Indian Startups
OYO Hotels & Homes has announced a significant restructuring, with a majority of its furloughed or temporarily laid-off entrepreneurs in the US facing permanent layoffs, but with stock options. Meanwhile, OYO's CEO Ritesh Agarwal has been actively promoting entrepreneurship in smaller cities of India, partnering with Venture Catalysts and supporting the 'Orbital' organization.
OYO has adopted a hybrid workplace model due to the ongoing pandemic, indicating a shift in its operations. In a move to support entrepreneurship, CEO Ritesh Agarwal has partnered with Venture Catalysts, an integrated incubator and the world's seventh most active early-stage investor. This collaboration aims to foster startups in over 30 smaller towns across India, where Venture Catalysts has a presence. Notable startups supported by Venture Catalysts include Beardo, BharatPe, Fynd, Supr, and Coutloot.
In addition to this partnership, Agarwal has also shown support for the 'Orbital' organization, further demonstrating his commitment to promoting entrepreneurship in smaller cities. Looking to the future, Agarwal has expressed his intention to support former OYO employees who have started their own ventures.
OYO's restructuring has led to permanent layoffs for many of its US-based entrepreneurs, but with the offer of stock options. Meanwhile, CEO Ritesh Agarwal's initiatives to support entrepreneurship in smaller cities of India through partnerships and organizations like Venture Catalysts and 'Orbital' highlight his commitment to fostering growth and innovation outside of major urban centers.
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