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.
