OYO had raised over $1 billion in its last financing round, announced in September 2018, led by SoftBank through SoftBank Vision Fund, with participation from existing investors Lightspeed Venture Partners, Sequoia and Greenoaks Capital and supported by new strategic partners like Airbnb. OYO is present in over 80 countries. As per the company, it witnessed “3.8x” year-over-year revenue growth in August 2019. However, the company’s growing losses provoke comparison with the struggling co-sharing workspace company WeWork which recently laid off 2,400 employees following its failed attempt to go public. This long-anticipated layoff is the biggest move by Japanese technology conglomerate SoftBank Group Corp, which is providing a $9.5 billion lifeline and will soon own about 80 per cent of WeWork’s shares.