Oyo Scales Back as SoftBank-Funded Companies Retreat
NYTIMES
Oyo, once one of India’s fastest-growing tech start-ups, is now rapidly scaling back. In recent weeks, Oyo, a budget hospitality company, has pulled out of dozens of cities, cut thousands of hotel rooms, started laying off employees and slashed other costs as it faced pressure from its biggest investor, the Japanese conglomerate SoftBank, to curb vast operating losses. The retreat has been swift and sweeping. In India alone, Oyo has lost more than 65,000 rooms — or about a quarter of what it had…