Companies

Oyo to lay off 5,000 employees across India, US, China

Our Bureau | | Updated on: Mar 05, 2020
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Softbank backed Oyo said it will lay off 5,000 employees as part of a restructuring programme.

This restructuring will be done to reduce costs and look for profitability, according to a Bloomberg report.

The report further added that the cuts will take place across India, US and China, and trim the company's headcount to 25,000.

The unicorn company has raised around $1.5 billion from investors to become the world’s largest hotel chain but has been struggling to become profitable.

Published on March 05, 2020

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