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Startups

SoftBank-backed OYO to cut 500 jobs in India

Layoffs come as hotel startup's Japanese investor shifts focus to profits

Oyo claims to be the world's second-largest hotel operator with a portfolio of more than 12 million rooms across 80 countries. (Photo by Akira Kodaka)

NEW DELHI -- SoftBank-backed hospitality chain OYO has become the latest Indian startup after Paytm and Ola to retrench its workforce, saying that 500 staffers will lose their jobs.

OYO is in the process of raising $1.5 billion in a primary capital infusion from its largest investor, the SoftBank Vision Fund, and RA Hospitality. The round is expected to value the Ritesh Agarwal-backed company at about $10 billion.

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