SoftBank-Backed Oyo Firing Thousands Across China and India
- The Indian startup is said to have dismissed 1,800 staff
- Oyo’s ructions present yet another headache for SoftBank
An OYO branded hotel in Ooty, Tamil Nadu, India.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Oyo Hotels is firing thousands of staff across China and India, people familiar with the matter said, adding to growing signs of trouble at one of the largest startups in SoftBank Group Corp.’s portfolio.
The company has let go of 5% of its 12,000 employees in China partly due to non-performance, while dismissing 12% of its 10,000 staff in India, one of the people said. It plans to shed another 1,200 in India over the next three to four months, the person added. Oyo is undergoing a restructuring, trimming redundancy in China and India, leading to thousands of dismissals, according to the people, who requested not to be named because they aren’t authorized to talk to media.