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'Change can be hard': OYO CEO confirms layoffs

San Francisco (CNN Business)India's top hotel company OYO, one of the biggest startups in SoftBank's portfolio, is slashing jobs and warns that more layoffs could be on the way as it scrambles to turn a profit. "One of the implications of the new strategic objectives for 2020, is that ... we will reorganize more teams across businesses and functions," OYO CEO Ritesh Agarwal said in a letter to employees Monday, which a company spokesperson shared with CNN Business. "This means that, unfortunately, some roles at OYO will become redundant as we further drive tech-enabled synergy, enhanced efficiency and remove duplication of effort across businesses or geographies," he added. Agarwal did not specify how many people have lost their jobs, and t ...