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Samreen Ahmad |
Bengaluru
Last updated on 2. December 2020 at 1:06 am IST
According to founder and CEO Ritesh Agarwal, the focus of OYO’s management is on providing shareholders and board members with a well-designed, IPO-ready company so that they can make the right decision.
In a fireplace chat with Troy Alstead, a board member of the company, and Rohit Kapoor, CEO of India & South Asia at OYO, Agarwal said his company still has nearly $ 1 billion in cash on hand for operations. document. write (« »); googletag. cmd. push (function () {googletag. defineOutOfPageSlot (‘/ 6516239 / outofpage_1x1_desktop’, ‘div-gpt-ad-1490771277198-0’). addService (googletag. pubads ()); googletag. Pubads (). enableSyncRendering (); googletag. enableServices ();});
“At the end of the day, the right time to go out is frankly a decision of the board of directors. From the management side, we’re going to make sure we’re building a company that’s ready to go public, ”he said. « We will do different things like the market situation, outside opportunities etc. investigate and the board will review the schedule and then possibly deliberate, « he added during the interview, transcript of which has been reviewed by Business Standard.
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The SoftBank-backed company, with a presence in countries like the US, China and Japan aside from India, was hit hard by the pandemic when the hospitality sector collapsed. But now it was able to hit 85 percent of the gross margin of its pre-Covid levels. “We’re still not in the best place, there is a lot more work to be done. But I am confident that we are going in the right direction, ”said Agarwal. In India, business has grown by 30 percent since August compared to the previous month.
The company will continue to focus on two core businesses – its hotels and holiday homes. After the pandemic, Oyo has seen an increase in people choosing holiday homes and small hotels, much more than large hotels, especially in Europe. The company currently manages nearly 400. 000 rooms as part of his vacation home business.
OYO, which announced wage cuts in April and laid off thousands of employees following the global Covid-19 outbreak, has announced that it will restore all salaries by the end of December. « By December we believe globally that much of the reversal will be over, » said Agarwal during the chat.
Agarwal added that the company’s board of directors and management are fully committed to ensuring that OYOpreneurs create long-term prosperity, which does not require compensation.
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Oyo Rooms, Ritesh Agarwal, 1. 000. 000. 000, India
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