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SoftBank's Oyo lays off over 1,000 employees in India amid profit push

The logo of OYO, India's largest and fastest-growing hotel chain, installed on a hotel building
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BENGALURU (Reuters) - SoftBank-backed Oyo Hotels and Homes is laying off hundreds of employees in India, according to a source and an internal memo seen by Reuters, as the loss-making hotel chain cuts costs in pursuit of profits.The move is part of a larger priority to drive profitability and sustainable growth, following a cash-guzzling expansion spree that took Oyo to dozens of new markets..
Date Published: Jan 14, 2020
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