SoftBank Not Behind OYO’s Recent Layoffs, Decisions, Claims Aditya Ghosh

SoftBank Not Behind OYO’s Recent Layoffs, Decisions, Claims Aditya Ghosh

SUMMARY

Aditya Ghosh was moved to a board seat from his CEO position at OYO last year

Softbank is reportedly pressuring OYO to wind down unprofitable contracts

OYO was mired in controversies regarding layoffs and toxic work culture

In just six years, a lot has changed for OYO. After getting Japenese marquee investor SoftBank as a major backer, the company has become one of the largest players of the hospitality industry. However, after this expansion, OYO is now taking slow and steady steps towards profitability with layoffs and shutting down operations in some countries.

Earlier reports have suggested that SoftBank had pushed OYO to do away with unprofitable contracts after taking lessons from the failed IPO and valuation downturn of coworking space provider WeWork.

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