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OYO to focus on five core markets amid coronavirus crisis, says group CEO Ritesh Agarwal 

Pehal News , Nov 21, 2020

Hospitality agency OYO Hotels and Homes plans to focus on its five core markets — India, Southeast Asia, Northern Europe, China and the US — and never increase to new markets within the aftermath of the COVID-19 pandemic, a prime firm official stated. The firm, which noticed its gross margins fall sharply after the outbreak of COVID-19, stated its gross margins are actually again to 85 per cent of the pre-pandemic ranges.
“Crisis brings clarity. For us, the clarity that this (COVID-19 pandemic) has brought is that we have clear visibility..we operate in around 80 countries..our core three regions where we are market leaders or market leading in are India, Southeast Asia and Northern Europe and two markets where we are becoming clear challengers are China and the US. These are the five focussed markets we are going after.”

“Within these, our aspiration is wherever we are market leading or market leaders we want to expand our lead by going deeper rather than that of broader. In markets such as the US, China, we want to continuously improve our products and services to win market share. We are broad enough to not have to expand any more,” OYO founder and group CEO Ritesh Agarwal stated at FICCI Global Young Leaders Summit.

Currently the focus is to ensure that the corporate consolidates beneficial properties and goes deeper in geographies the place the group has market management or the challenger standing, he added.

Agarwal stated the corporate noticed its gross margins {dollars} fall by upwards of 66 per cent within the month of April versus January and it had to take a number of robust selections together with letting go of many workers.

“We are now back to 85 per cent of pre-COVID levels in gross margins dollars, still 15 per cent down, we are not fully out of the woods yet.. clearly we are in much better condition than we were in April,” he added.

Agarwal stated he has been via rather more difficult occasions and the disaster brought on by the COVID-19 pandemic doesn’t scare him.

“When you have USD 1 billion cash in your bank, you have thousands of OYOpreneurs willing to fight and see through this crisis together, you have a consumer ecosystem of 100 million users… Pandemic may feel like a big challenge but that is not as big as when you have one week of cash left when you are starting your company…that is every week of survival you are fighting for….These days don’t scare me as much,” Agarwal stated.

 

 

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