According to information from Bloomberg, OYO - a hotel chain invested by SoftBank - decided to lay off 12% employees in India, equivalent to 1,200 people, and 5% employees in China, equivalent to 600 employees. Another 1,200 jobs will continue to be cut in India over the next 3-4 months. The company is in the process of restructuring in these two markets.
OYO was founded by Ritesh Agarwal in 2013. The company's method of operation is to work with non-branded hotels to improve room quality, train staff, and build a brand for this hotel by the name OYO. , and receive a percentage of the revenue of participating hotels in the network. To date, the OYO hotel chain has about 1.2 million rooms in more than 80 countries.
Follow CB Insights, OYO is currently valued at 10 billion USD and is one of the largest invested startups of the Vision Fund (SoftBank). OYO has been present in Vietnam since July last year.