Oyo recovering from Covid, has $1 bn to fund operations until IPO: CEO
Ritesh Agarwal, founder and chief executive officer of Oyo Hotels, told employees the Indian startup is making progress in recovering from the coronavirus fallout and has about $1 billion to fund operations until an initial public offering.
The 27-year-old entrepreneur made the comments in a fireside chat with Oyo board member Troy Alstead, after the once high-flying company endured months of layoffs and losses as Covid-19 hammered its business. Oyo is one of the largest startups in the portfolio of SoftBank Group Corp., reaching a valuation of $10 billion before the downturn.
Agarwal said the company’s focus is on getting revenue per available room to 60 per cent to 80 per cent of pre-pandemic levels across all markets. India, China, Japan and Southeast Asia are making progress in reaching that range, he added.