Key facts
- Opendoor, a US-based real estate technology firm, is ceasing its operations in India.
- The closure will impact approximately 250 employees in India.
- The company cited a strategic shift towards AI-native customer-facing teams in the US.
- Operational roles are being moved closer to the US customer base.
- Opendoor began its India operations in 2022 with offices in Chennai, Hyderabad, and Bengaluru.
Opendoor, a real estate technology firm headquartered in San Francisco, has initiated the closure of its operations in India, resulting in the layoff of all 250 employees. The company stated that the move is part of a strategy to bring operational roles closer to its US customer base.
CEO Kaz Nejatian announced the decision on X, explaining that the company has unified its systems and developed AI-native customer-facing teams across the US. He emphasized that the decision was not a reflection of the quality of work performed by the Indian employees, who have been instrumental in handling manual workflows. Nejatian noted that Opendoor 2.0 will be a smaller company by headcount but larger by impact.
Opendoor, founded in 2014, operates an "iBuying" model, utilizing technology and data analytics to provide instant cash offers for homes, which it then resells. The company also offers mortgage and home-selling services through its digital platform and serves various US housing markets.