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SoftBank-Funded Startups Rappi & Oyo Hotels Facing Major Layoffs

In the past 24 hours alone, two more SoftBank-funded startups are in the news for either confirmed or rumored layoffs: Colombian on-demand delivery unicorn Rappi this week laid off hundreds of employees, according to Axios.

The job cuts are taking place just over eight months after Rappi confirmed an investment of “up to $1 billion” from SoftBank.

All this negative news comes on the heels of pizza-making robot startup Zume laying off 80 percent of its employees, as first reported by Business Insider and covered more in-depth by our own Natasha Mascarenhas.

Earlier this week, Axios also reported that SoftBank is cutting its ties with startup investments, even after signing term sheets.

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