Chandan Khanna/AFP via Getty Imagesand start reading now.
Oyo has raised more than $3 billion in capital, though the last fundraise included $700 million from its young chief executive, Ritesh Agarwal.Oyo, the affordable hotel chain backed by SoftBank, is planning to lay off a "large majority" of its US staff, the company told employees in an email Wednesday night.
Employees who will be laid off can buy stock options in a new $18 million pool. The current employee said he did not know of any colleagues who planned to buy stock, an unusual program for laid-off staff. Hope you and your family are staying safe. We are very glad that our team has not seen any new COVID positive cases over the last 2+ months. However, the threat of this pandemic is far from over, so I hope you are all taking necessary precautions to keep out of harm's way. The health of each OYOpreneur is of paramount importance and OYO stands committed to offering all the support that may be needed from our side.
In March 2020, Covid-19 swiftly and unexpectedly upended our world and our industry. Over the month of March, I explained during our town halls and leadership sessions the deep impact of Covid-19 on our business and the steps we were planning to take to ensure our long-term success and sustenance. Ritesh made sure he was the first one to get impacted by forgoing 100% of his salary for 2020, and I took a 40% cut on my pay.
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