The bad news just keeps coming for SoftBank. In the past 24 hours alone, two more SoftBank-funded startups are in the news for either confirmed or rumored layoffs: Colombian on-demand delivery unicorn Rappi this week laid off hundreds of employees, according to Axios. And Bloomberg published this morning that discount lodging provider Oyo Hotels reportedly “is firing thousands of staff across China and India.” Rappi told Brazil Journal that it would be letting go of about 6 percent of its workforce, over 300 people. The job cuts are taking place just over eight months after Rappiconfirmed an investment of “up to $1 billion” from SoftBank. The raise, which we covered here, was done at a pre-money valuation of $2.5 billion, according to a Bloomberg report.
The post SoftBank-Backed Startups Rappi & Oyo Hotels Facing Major Layoffs appeared first on CRETECH.
We provide a fun, casual and candid atmosphere to learn about innovation in the industry. CREtech is where the commercial real estate industry comes to discover all things tech. Our mission at CREtech is to connect the commercial real estate and tech sectors, bringing a new age of innovation and growth to the industry.