American company worth Rs 41 thousand crore closed its office in India, 250 people unemployed

American real estate tech company Opendoor Technologies has decided to close all its operations in India. This decision has directly affected the jobs of about 250 employees working in India. The company has made it clear that this step is part of its global strategy. Under which the work is being brought closer to the customers in America. The total market value of Opendoor is said to be around 4.32 billion dollars (about Rs 41 thousand crores).

Company CEO Kaz Nejatian said that some roles have already been shifted to America and now the operations running in India are being closed one after the other in a phase wise manner. He said that this decision has been taken keeping in mind organizational efficiency and better customer service.

Also read: 90 days and 200 liter ban, why will diesel be available for Rs 134?

Why were operations stopped in India?

According to the company, most of its customer base is in America. Due to which it becomes easier for the company to focus its operational work there. Earlier, the Indian team was responsible for manual work on different systems but now with AI-based systems and integrated technology, the need for these roles has reduced.

The company has said that the contribution of the employees working in India has been important and this decision does not raise questions on their performance. Affected employees will be provided severance packages, outplacement assistance and other facilities to prepare them for new jobs. The CEO described this change as ‘difficult but necessary’ and said that there has been no change in the company’s core strategy.

Also read: First shopping of Rs 500, then loan of thousands, habits of youth are changing, BNPL

What does Opendoor do?

Opendoor is not an ordinary property dealer but a very big real estate tech firm of America. This company, started in the year 2014, works on the instant buyer model. In this, landlords get relief from the long hassle of finding customers in the market. They can sell their home directly to Opendoor for a cash offer. The company then repairs and upgrades the house and resells it at a profit. This company, which got listed in the American stock market in the year 2020, has so far completed more than 2.5 lakh property deals in 50 major markets of America.