| In March 2020, India-based OYO Rooms (OYO), a provider of budgeted hotels, received a capital infusion of about US$807 million from SVF India Holdings and RA Hospitality . Also in March 2020, the company declared a reduction in its global workforce by about 5,000 to bring it down to 25,000, a 17% fall from the 30,000 employees it had in January 2020. Along with this restructuring initiative, the company also announced that it would improve its relations with hotels and put in place a strong corporate governance practice. Commented Ritesh Agarwal (Ritesh), Founder and Chief Executive Officer (CEO), OYO, “By the time our restructuring process is complete, OYO will have over 25,000 employees worldwide.” .. |
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