Income Tax officials carried out a search at OYO headquarter in Gurugram on Thursday. OYO has claimed that it was a routine TDS survey. Hospitality major's office in sector 69 Gurugram was searched by the officials in the first half of Thursday.
As per reports, a few employees were asked to leave after the IT officials started their search inside the office premises. "There is a routine TDS survey in progress in one of our offices. We are cooperating with the authorities, and are committed to engaging with all relevant stakeholders. OYO Hotels & Homes has actively worked in ensuring that the wider unorganised segment is organised, and part of the formal economy. We continue to support small asset owners by creating entrepreneurship opportunities and giving them access to technology and other resources," Business today quoted an OYO spokesperson as saying.
According to a Bloomberg report, Oyo Hotels is firing hundreds of employees across India for non-performance. The report also said that thousands of employees across China and India will lose jobs in as pressure mounts on one of the world's most successful start-up stories.
Oyo was launched in 2003 by Ritesh Agarwal. Agarwal was featured in Forbes 30 under 30 in Consumer Tech (2016) for creating a global disruptor. OYO is backed by leading Japanes multinational conglomerate - SoftBank Group, Lightspeed India, Sequoia Capita, Greenoaks Capital, Hero Enterprise and China Lodging Group.
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