US real estate firm announces closure of operations in India; 250 employees affected
New Delhi: US-based real estate firm Opendoor has announced the closure of all its operations in India, which will affect about 250 employees.
According to Kashmir Media Service, this decision of the American company is being described as part of a change in business strategy and a plan to bring operations closer to American customers.
The company’s CEO Kaz Nejatian in a statement said the company had been moving some positions to the US for the past few months and now all operations in India are being gradually phased out.
He said since most of Opendoor’s users are in the US, it is more efficient to move the related work there, especially as the company is expanding its artificial intelligence-based systems and teams.
The company has also announced support for the affected employees, which will include financial compensation, help in finding new jobs and other facilities, while some Indian staff will be temporarily retained to complete the transfer of key functions.
