Oyo, the SoftBank-backed hotel chain, is furloughing thousands of employees as the coronavirus pandemic cripples the travel and hospitality industry. CEO Ritesh Agarwal told employees in a video message Wednesday that revenue had dropped 50%-60% due to the outbreak, according to Bloomberg. The India-based startup had been struggling prior to the virus’s spread. Backed by a $1.5 billion...
Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.


Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.

Recent Popular Stories
Exclusive
startups
venture capital
A Long, Strange Trip for the ‘Uber for Nurses’