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Oyo to Lay Off 3,000 Employees in India, China

By Cory Weinberg
· · Source: Bloomberg

Indian hotel startup Oyo swelled to more than 20,000 workers in seven years since its founding, racking up billions in funding. It’s now cutting deep into its work force to downsize, laying off thousands, Bloomberg reports. Aside from WeWork, this is likely the largest number of layoffs by a firm backed by SoftBank’s Vision Fund, which owns 48% of Oyo. There are strong echoes of WeWork. Both...

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