SoftBank-backed budget hotel company Oyo will lay off most of its US staff, per a leaked email sent to employees Wednesday night.
The employees will have the option to buy Oyo stock, though one employee said he doesn't know anyone planning to take that offer.
Oyo has raised more than $3 billion in capital, though the last fundraise included $700 million from its young chief executive, Ritesh Agarwal.
Visit Business Insider's homepage for more stories.
Oyo, the affordable hotel chain backed by...
Read this story at Business Insider