Yahoo cancels joint venture with Oyo in Japan

Oyo Hotels and Homes said on Thursday SoftBank-controlled Yahoo Japan has quit its Japanese room rental venture, in the latest setback for the fast growing, money losing startup.

Oyo, which is also backed by SoftBank Group Corp, said it has bought back the shares in Japanese apartment rental company Oyo Life held by internet firm Yahoo Japan, now known as Z Holdings, for an undisclosed amount.

Also read: Oyo opens 100 hotels in partnership with Softbank in Japan