American digital real estate company Opendoor has begun shutting down its India operations, affecting all employees who worked for the company in the country. The announcement was made by Opendoor CEO Kaz Nejatian, who shared an internal note sent to employees. In the message, he said the company had started saying goodbye to its colleagues in India as it begins the process of winding down its India-based operations.
Background of the Decision
When Opendoor launched its 2.0 model a few months ago, the company had nearly 250 employees in India, according to Nejatian. Some of those roles had already been moved back to the United States in recent months, and the company is now finalizing that transition. The CEO stated, "Today, we are finalizing bringing these roles closer to our customers in America and beginning the process of winding down our India-based operations."
Impact on Employees
The decision affects all employees based in India. However, Nejatian stressed that the move was not related to their performance. He wrote, "This 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."
Reasons Behind the Move
Opendoor linked the decision to changes under its new operating model, called Opendoor 2.0. The company had previously built a large India team to manage manual workflows across different systems. As those systems have been streamlined and new customer-facing teams have been hired in the United States, the company believes the work should be carried out closer to its customers. Nejatian explained, "Our customers are in America, and the operational work we do for them is best done close to them." The company also pointed to greater use of technology and AI-driven tools as part of its restructuring. According to the CEO, Opendoor will operate with a smaller workforce while expecting employees to take on broader responsibilities supported by tools developed internally.
About Opendoor
Headquartered in San Francisco, California, Opendoor is known for pioneering the 'iBuyer' model, which allows homeowners to receive cash offers for their properties online without following the traditional home-selling process. The company's decision to wind down India operations marks a significant shift in its global strategy.
