TOKYO -- Yahoo Japan has exited a joint venture for Japanese residential property rentals with India's Oyo Hotels and Homes, it was learned Tuesday.
Yahoo sold its roughly 30% stake in Oyo Technology and Hospitality Japan, operator of the Oyo Life service, to Oyo in November.
The service, which launched in March, leases vacant homes and rooms from their owners to rent out via its website. It reportedly received multiple complaints from owners about contract issues.
While Yahoo has not disclosed its reason for leaving the venture, Oyo is believed to be looking to improve the service in light of resolving the capital relationship.
Oyo is backed by Japan's SoftBank Group, which also has a stake in Yahoo. Oyo operates a joint venture in its mainstay hotel business in Japan with SoftBank's Vision Fund and SoftBank Corp.
Hiro Katsuse, who led Oyo Technology and Hospitality when it launched, has stepped down as CEO.
