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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Phone booth-like tiny room could be an office inside your living room - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Stock markets plunge on report of new US tariffs on the EU and UK - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Apple acquires startup aimed at helping businesses manage employees' Macs and iPads - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
US stocks slide as investors digest surging virus cases and steady jobless claims - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Trade war: US plans fresh $3.1 billion tariffs on European goods - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Great idea. When in the midst of a recession and high unemployment, what you want to do is to make goods more costly for Americans by imposing new taxes. Who says Trump is a moron? AllRoadsLeadToPutin TraitorTrump
Source: BusinessInsider - 🏆 729. / 51 Read more »
Target revamps curbside pickup with fresh, frozen grocery options - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »