Oyo scales back, lays off thousands

Oyo scales back, lays off thousands. The company is under pressure from its biggest investor, SoftBank, to curb its significant operating losses. In recent weeks, Oyo has pulled out of dozens of cities, cut thousands of hotel rooms, started laying off employees and slashed other costs. In India alone, Oyo has lost more than 65,000 rooms - or about a quarter of what it had offered to travelers.