SoftBank and RA Holdings fund Oyo with $807 Mn
By MYBRANDBOOK
Oyo has raised $807 million as part of its $1.5 billion fundraises from Softbank and RA Hospitality which was announced in October.
This development comes just months after the firm started slashing jobs across its offices as it looked to cut costs of the company and bring efficiency.
According to media reports, the company has cut down 5,000 jobs across India, China and other overseas markets. Until 4-6 months ago, it was constantly dotting the globe by aggressively expanding to multiple countries including the United States.
But recently, Oyo has seen multiple changes across the company and its different verticals. In India, it has consolidated teams across Oyo, Town House and cloud kitchen businesses. It’s also looking to scale down its co-living business Oyo Life. The company had trimmed 50% of its workforce in the cloud kitchen vertical.
Oyo had also restructured the leadership team. It elevated former Chief Executive Aditya Ghosh to its board while Rohit Kapoor took his charge in December. The company also roped in McKinsey’s Ankit Gupta as a Chief Operating Officer and Senior Vice President – Frontier Businesses for India and South Asia in December.
Meanwhile, as the world grapples with the coronavirus outbreak, Oyo has offered its Oyo rooms and homes to be set up as quarantine centres. Its founder Ritesh Agarwal responded to tweet suggestions saying he would be open to converting Oyo rooms to quarantine centres.
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Cisco building a trusted and resilient future for the nation
Security is foundational to everything Cisco does and customers insist on e
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
QUICK HEAL TECHNOLOGIES PVT. LTD.
SAMRIDDHI AUTOMATIONS PVT. LTD.
DELL TECHNOLOGIES INDIA PVT. LTD.
BPE INDIA PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
Icons Of India : Anil Kumar Lahoti
Anil Kumar Lahoti, Chairman, Telecom Regulatory Authority of India (TR...
Icons Of India : AMIT CHADHA
Amit Chadha serves as the CEO and Managing Director of L&T Technology ...
Icons Of India : GAUTAM ADANI CHAIRMAN ADANI GROUP
Gautam Adani is the Founder and Chairman of the Adani Group, which ran...
PARTNER SPEAKERS
PSU
LIC - Life Insurance Corporation of India
LIC is the largest state-owned life insurance company in India...
STPI - Software Technology Parks of India
STPI promotes and facilitates the growth of the IT and ITES industry i...
C-DAC - Centre for Development of Advanced Computing
C-DAC is uniquely positioned in the field of advanced computing...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Anirudh Devgan , President, Cadence Design
Anirudh Devgan, the Global President and CEO of Cadence Design Systems...
Indian Tech Talent Excelling The Tech World - Steve Sanghi, Executive Chair, Microchip
Steve Sanghi, the Executive Chair of Microchip Technology, has been a ...
Indian Tech Talent Excelling The Tech World - NIKESH ARORA, Chairman CEO - Palo Alto Networks
Nikesh Arora, the Chairman and CEO of Palo Alto Networks, is steering ...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
