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.
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