Oyo, the Indian budget hotel startup backed by SoftBank, is laying off sales employees in the U.S., two sources directly familiar with the cuts told Business Insider. Layoffs will impact mainly sales personnel and sales support staff at Oyo’s US headquarters in Dallas and other sales hubs.The layoffs come just weeks after the startup cut 1,800 jobs across its larger offices in India and China.The buzzy startup was widely considered one of the “crown jewels” in SoftBank’s portfolio after the implosion at coworking startup WeWork. It had raised more than $3 billion in funding and was valued at $10 billion.This is the latest of job cuts hitting SoftBank-backed startups as the investor pushes its companies to prioritize profitability over growth.Click here for more BI Prime stories.Oyo, the Indian budget hotel startup backed by SoftBank, is laying off a significant number of its sales and support staff in the US, two sources directly familiar with the cuts told Business Insider.
The job cuts come three weeks after the Gurugram, India-based startup said it was eliminating 1,800 jobs at its much larger offices in China and India. Company leaders had described the layoffs as part of a reorganization, consolidating jobs in an effort to juice the company’s revenue.It was not immediately clear how many jobs were cut and which offices were affected. Spokespeople for SoftBank and Oyo did not return Business Insider’s request for comment. Oyo’s layoffs come as other SoftBank-backed companies also restructure with a new focus on profitability. A Business Insider review of SoftBank’s portfolio found 2,600 job cuts across Oyo, Rappi, Getaround, and Zume in the first week of January, and more than 7,000 layoffs in the last year across 14 companies. The total number of cuts doesn’t include groups of employees like WeWork’s 1,000 janitorial staff who are being outsourced in the US and Canada.In a memo sent to Oyo staff on Wednesday that was seen by Business Insider, chief operating officer Abhinav Sinha cited sustainable growth as the reason for sweepin
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