Reuters first to report SoftBank partners with India’s Oyo in Latam in move for more oversight

Reuters was first to report that SoftBank Group is taking a direct role in managing its virus-hit hospitality startup Oyo’s operations in Latin America through a joint venture which will control all hotels in the region. SoftBank, the biggest investor in Oyo, will use part of its $5 billion Latin America fund to invest in the newly formed company called Oyo Latam which will take over 1,000 hotels mainly in Brazil and Mexico. The move comes as Oyo, valued at $10 billion in its most recent fundraising round, has been forced to cut costs and rein in its expansionist strategy in global markets due to the coronavirus pandemic.