In one week, four SoftBank-backed firms have laid off a combined 2,600 employees. OYO lets go of hundreds of employees in India and China.
Is 2020 Over Yet?: 2019 was a rough year for SoftBank, with the WeWork IPO fiasco and decreased expectations from Vision Fund 2. But the new year isn't proving to be any better for the Japanese behemoth. In the first full week of 2020, four SoftBank-backed companies - OYO, Rappi, Getaround and Zume - laid off a combined 2,600 employees. In the last two months, others including Uber, Wag, Fair and WeWork cut their ranks too as they struggle to find paths to profitability. Business Insider
Oh-No: Trouble might be brewing at OYO Hotels, one of the largest hospitality chains in the world and India's second-largest unicorn. The company has let go of 5% of its 12,000 employees in China partly due to non-performance and is dismissing 12% of its 10,000 staff in India. It also plans to shed another 1,200 employees in India over the next three to four months. ET Rise
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