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Startups

SoftBank-backed Oyo founder confirms job cuts in India

Sustainable growth and profitability behind decision, Ritesh Agarwal tells staff

An anti-Oyo sign is seen outside a hotel in New Delhi in August 2019. The company's layoffs are being seen as the outcome of SoftBank's changed global strategy.   © Reuters

NEW DELHI -- SoftBank Group-backed Indian hospitality chain Oyo Hotels and Homes has confirmed reports it is laying off part of its Indian workforce as it moves to restructure its teams across businesses and functions.

In an email to employees across India and South Asia, Oyo founder and group CEO Ritesh Agarwal said the decision to ask some of his colleagues to move to new careers outside Oyo was not "easy." He did not indicate the number of people the company is looking to let go at the moment, but Bloomberg last week reported the figure as 1,200 in India, in addition to 500 job losses in China.

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