US-based real estate technology firm Opendoor is exiting India operations. The company has said that the decision will affect about 250 employees in the South Asian country.
Opendoor CEO Kaz Nejatian said as part of the business transformation strategy, the company has decided to shift all operational roles to the US where its customers are based.
“Our customers are in America, and that’s where our operational work belongs,” Nejatian wrote in a post on X, announcing the development.
Thanking the Indian employees who had worked for the company, the Opendoor CEO further wrote, “This (the decision) affects all of our colleagues in India who have done meaningful work for Opendoor. I am grateful for their dedication and this decision is not a reflection of the quality of their work. Our colleagues in India are great people, and we recommend them to anyone hiring.”
Explaining the decision why Opendoor was winding down operations in the country, Nejatian said the customers of the company are in the US and it makes sense for the company to do the operational work best close to them.
“For years Opendoor built a large team in India to handle manual workflows across fragmented systems. As we’ve unified these systems and have hired small AI-native customer-facing teams throughout the US, we need all this operational work to be done in person and close to our customers.
“After today, Opendoor 2.0 will be a much smaller company by headcount, but a much larger company by impact. Our people, aided by the tools we have built, will own more, build more, and have broader scope than ever before,” said the CEO.
He also stated that the company is providing transition packages including severance, outplacement services, and other resources to the employees affected in India.
“A small subset of team members will stay on to complete the transition of key workstreams,” he added.