US-based proptech company, Opendoor is winding down its India operations, a move that will affect nearly 250 employees as the company shifts several key functions back to the US.
The decision forms part of the company’s broader transformation strategy, dubbed “Opendoor 2.0,” which focuses on streamlining operations, increasing the use of artificial intelligence and consolidating customer-facing teams closer to its primary market in the US.
In an internal note to employees, CEO Kaz Nejatian said the company had already begun relocating certain India-based roles to the US over the past few months. The latest move, he said, marks the completion of that transition, with the company now initiating the process of closing its India operations.
Founded in 2014, Opendoor pioneered the “iBuying” model, leveraging technology and data analytics to provide homeowners with instant cash offers, purchase homes directly and resell them. The company also offers mortgage solutions and digital home-selling services across multiple US markets.
According to the company, the restructuring is not linked to employee performance. Opendoor acknowledged the contribution of its India workforce and stated that the affected employees had played an important role in supporting the business.
The company explained that its earlier operating model relied heavily on large teams handling manual processes across multiple systems. However, with advances in automation, AI-powered workflows and greater system integration, it believes many of these functions can now be managed by smaller teams based closer to customers.
Employees impacted by the decision will receive severance benefits, transition assistance and outplacement support. A limited number of employees will continue temporarily to facilitate the migration of critical workstreams.
Opendoor expects the restructuring to result in a leaner organisation with improved efficiency. The company is also working to simplify internal processes, reduce reliance on multiple tools and build a more integrated platform for home transactions.
Backed by investors such as Sam Altman, Khosla Ventures, General Atlantic, Andreessen Horowitz and SoftBank Vision Fund, Opendoor went public in 2020 through a merger with a special purpose acquisition company (SPAC).
