The retreat has been swift and sweeping.
This would mean cutting some roles at Oyo that will become redundant, he added.
According to the media report, the reason for the search has not been shared yet. During the first week, a New York Times report accused OYO of questionable business practices. Oio's valuation is about $ 10 billion.
This month, layoffs have gathered momentum at startups that SoftBank had invested in. South American delivery service Rappi and the new San Francisco Getaround carpool company said they were laying off employees. It also stopped making pizzas.
Some investors and new companies said they were now approaching the SoftBank Vision Fund cautiously, or, in some cases, avoiding it altogether.
"We advised nearly all of our companies to stay away", said Josh Wolfe, an investor in the venture capital company Lux Capital who is critical about SoftBank's strategy. "Everyone else was afraid to say that the emperor had no clothes".
Founded in 2013 by Agarwal, then a 19-year-old student, Oyo set out to organize India's budget hotels, which have traditionally been small, family-run enterprises.
"One of the implications of the new strategic objectives for 2020, is that, like the leadership team, we will reorganise more teams across businesses and functions".
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But when Oyo tried to expand globally, partly powered by SoftBank, he spent a lot of incentives to lure hotel owners and customers to his site. That resulted in losses in India, where Oyo has said it will lose money through at least 2021. The growing turmoil may complicate SoftBank's efforts to raise a successor to the Vision Fund, the world's largest pool of startup investments.
Oyo is considered the Jewel of India's start-up boom.
The move has been reportedly undertaken to cut down on redundancy as Oyo plans to carve out its strategy "to drive its success in 2020 and beyond".
In another sign of SoftBank's shifting position, Yahoo Japan, which is half-owned by SoftBank, pulled the plug in November on a Japanese apartment-rental venture with Oyo.
Oyo faces other troubles in India. The Times also described how some Oyo employees worked together to commit fraud against the company.
"We take all the allegations very seriously and are looking into each and every one", Agarwal wrote in Monday's email. However, what is certain is that a lot of OYO employees might find themselves in hot waters as OYO trims its staff and reduces operating costs.
Morale has plummeted among thousands of Oyo workers globally, current and former employees have said.
Oyo will "enhance communications with hotel owners and develop owner loyalty" this year, the company said in the statement.
"It's a culture of silence", he said. It now has more than 35,000 hotels around the world including in India - where it has more hotels than any other company - China and Europe.