| Founded | 2013 |
|---|---|
| Closed | 2023 |
| Country | India |
| Sector | Marketplace |
| Total raised | $3.2B (SoftBank Vision Fund, Airbnb, Sequoia, Lightspeed, 2013–2020) |
| Collapse type | Mass Layoff Spiral |
| Founder | Ritesh Agarwal |
OYO Hotels
"SoftBank's favourite Indian unicorn raised $3.2B to aggregate budget hotels globally—then fired 50% of its workforce and wrote down its valuation from $9B to under $3B."
Cascading layoffs that accelerated the decline
Key Events Timeline
OYO was founded by Ritesh Agarwal in 2013 to aggregate India's fragmented budget hotel market under a single brand, offering standardised rooms at predictable quality levels.
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