Oyo sends thousands on leave without pay, India escapes for now

Oyo Hotels & Homes is placing thousands of its employees globally on indefinite furlough as it tries to survive through the coronavirus pandemic, according to people familiar with the matter.
 

Oyo said in a statement it’s furloughing employees in countries excluding India without specifying numbers, adding that it’s not considering job cuts at this time.

The startup, one of the largest in SoftBank’s portfolio, has more than $1 billion of cash in the bank and is exploring options to remain viable over at least the next 36 months, one of the people said. It hasn’t yet determined the precise