Evening news on March 4th，According to foreign media reports，Indian hotel startup OYO will lay off about 5,000 employees globally，Among them, China has the largest layoffs，Because of the impact of the new coronavirus epidemic，OYO’s business in China has been severely damaged。

OYO is one of the largest companies invested by SoftBank Group，The company is currently in China、Layoffs in the United States and its homeland (India)，To improve profitability。OYO expanded rapidly after its establishment in 2013，Valuation once reached 10 billion US dollars。But after the 188bet app WeWork IPO (initial public offering) failed，Investors are starting to worry about loss-making startups，SoftBank has also begun to prioritize the profitability of the companies it invests in。

OYO founder and CEO Ritesh Agarwal said in an interview: “In the previous stage，We have added many assets to the business platform，And establish the brand and mind share (referring to consumers’ awareness of a certain product or brand)。2020，Our primary goal is to achieve profitable growth。”

Lee Tae Hee said，OYO’s global headcount will decrease by about 17% from 30,000 in January。Also，OYO will also add "Improving relationships with hotels、Strengthening corporate supervision” is a priority。Lee Tae Hee also added，OYO’s global restructuring is in full swing。He said: "After the reorganization is completed，OYO’s total number of employees worldwide will drop to approximately 2.50,000 people。”

Informed sources said，Affected by the new coronavirus epidemic，OYO plans to lay off about 50% of its employees in China (referring to full-time employees)188bet app download 。current，OYO has about 6,000 full-time employees in China。Of the approximately 4,000 remaining so-called "discretionary employees" (these employees primarily perform support jobs，such as call center and customer hotel)，Some people will be temporarily laid off，Once business recovers，Will be invited back。

Analysts say，OYO’s large-scale layoffs are another setback for SoftBank。Before this，SoftBank due to investment in WeWork、UberDamage to Slack Technologies, etc.，Has questioned SoftBank CEO Masayoshi Son’s investment strategy。

so far，SoftBank “Vision Fund” has invested approximately US$1.5 billion in OYO。

188bet online sports betting Author: Li Ming, original title:《OYO will lay off 5,000 people globally，The Chinese market accounts for about 3,000 people》.