Opendoor shuts down India operations, lays off nearly 250 employees across Chennai and Bengaluru offices
US-based real estate technology company Opendoor has announced that it is shutting down its India operations and laying off around 250 employees in the country
US-based real estate technology company Opendoor has announced that it is shutting down its India operations and laying off around 250 employees in the country. "When we launched Opendoor 2.0 a few months ago, Opendoor had nearly 250 employees in India. Over the last few months, some of these jobs have been relocated back to the United States," Opendoor CEO Kaz Nejatian wrote in a memo, “Today, we are finalizing bringing these roles closer to our customers in America and beginning the process of winding down our India-based operations.” Nejatian added that the company is providing a transition package to its Indian employees which includes severance, outplacement services and other resources.
He also said that a small subset of team members ‘will stay on’ in order to complete the transition of key workstreams. He also encouraged other companies in India to consider hiring affected workers. "If you're hiring and have a presence in India, these are excellent people. Consider this my reference letter and hire them," Nejatian wrote on X. Why is Opendoor shutting down India operations? Nejatian noted that the layoffs are part of the company's “Opendoor 2.0” initiative which is focused on embedding AI in the workflows, reducings costs and bringing certain functions closer to its home market in the US.
"Our customers are in America, and the operational work we do for them is best done close to them," Nejatian wrote. He said while Opendoor had previously focused on building
a large team in India to handle manual workflows, it has now hired small AI-native customer-facing teams throughout the US to have the operational work done closer to its customers.
The BriefWire