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

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 including China and the United States, an email from Chief Executive Ritesh Agarwal to Oyo employees on..