Opendoor, a San Francisco-headquartered online company that buys and sells residential real estate, has now officially announced its plans to wind down its India-based operations, affecting around 250 employees in the region.
Read more about it below.
Opendoor Announces Winding Down of Business in India
We recently saw several companies, including Amazon, taking steps to reduce their workforce and restructure their business operations in order to manage expenses and bring their teams closer to their main markets. We now have Opendoor, the American real estate company, announcing that it will be winding down its India-based operations as part of its Opendoor 2.0 restructuring.
In a post shared on X, Opendoor CEO Kaz Nejatia has mentioned that when the company had launched Opendoor 2.0 a few months ago, it had nearly 250 employees in India. Over the past few months, some of these roles had already been moved back to the United States.
As per what the CEO has pointed out, Opendoor is now finalizing the process of bringing these roles closer to its customers in America, while also beginning the process of winding down its India-based operations.
Kaz Nejatian Announcing Layoffs in India
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With this decision, all of Opendoor’s colleagues in India who had contributed to the company’s work will be affected. However, the CEO has also clarified that this move is not a reflection of the quality of work done by the India team.
He further mentioned that the company is grateful for the dedication and meaningful work of its India-based employees, and has also recommended them to anyone who is hiring.
Speaking more about the reason behind this move, Opendoor has noted that its customers are based in America, and the operational work done for them is best handled closer to them.
The company has also mentioned that it is moving towards smaller AI-native customer-facing teams in the United States, while simplifying its operations with fewer tools, fewer steps, and fewer workarounds.
For the affected employees in India, Opendoor will be providing transition packages, which will include severance, outplacement services, and other resources. A small number of team members will continue with the company for now to complete the transition of key workstreams.
