Opendoor Closes Operations in India, Laying Off 250 Staff
San Francisco-based real estate technology company Opendoor has announced the closure of its operations in India, resulting in the layoff of 250 employees. The firm is relocating its operational roles to the United States to enhance efficiency through the use of artificial intelligence (AI).
Opendoor began its journey in India in 2022, setting up offices in major cities like Chennai, Hyderabad, and Bengaluru. The CEO, Kaz Nejatian, shared the news on social media, emphasizing the company’s focus on the American market, where its customers are located. “Today, we had to say goodbye to our colleagues in India as we wind down our operations. Our work needs to be closer to our customers in America,” he stated.
In a note to employees, Nejatian acknowledged the valuable contributions of the Indian team, assuring them that this decision did not reflect their performance. The company has promised severance pay, outplacement services, and transitional support for those affected, although a small team will remain temporarily to assist with the transition of key operations.
Nejatian explained that over the years, Opendoor had built a sizable team in India to manage various workflows. However, with the launch of its new model, Opendoor 2.0, the company has streamlined its systems and created smaller, AI-driven teams in the U.S. “We need our operations to happen in person and close to our customers,” he noted.
Despite downsizing, Nejatian believes that Opendoor 2.0 will become more impactful, even as its headcount decreases. Founded in 2014, Opendoor is recognized for its innovative “iBuying” model, which leverages technology and data analytics to make instant cash offers to homeowners, buy properties directly, and resell them. The company also provides mortgage and home-selling services through its digital platform, expanding its reach across various U.S. housing markets.
