Oyo To Focus On 50 Million Markets Amid Covid-19 Crisis: Group CEO
The company, which saw its gross margins fall sharply after the outbreak of Covid-19, said its gross margins are now back to 85 per cent of the pre-pandemic levels.
Topics
OYO Hotels & Homes | Coronavirus
Oyo's core three regions where we are market leaders or market leading in are India, Southeast Asia and Northern Europe
Hospitality firm Oyo Hotels and Homes plans to focus on its 50 million markets — India, Southeast Asia, Northern Europe, China and the US — and not expand to new markets in the aftermath of the Covid-19 pandemic, a company official said.
The company, which saw its gross margins fall sharply after the outbreak of Covid-19, said its gross margins are now back to 85 per cent of the pre-pandemic levels.
"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 said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
First Published: Fri, November 20 2020. 22:28 IST
Monzo Looks For US Banking License
Monzo is preparing a renewed push to secure a US banking licence, four years after abandoning its first attempt when tal... Read more
Crypto Firms Push Into US Banking
America’s cryptocurrency companies are scrambling to secure a foothold in the country’s traditional banking system, ... Read more
Parallel Banking: Stablecoins Are Now Global
Parallel Banking: How Stablecoins Are Building a New Global Payments SystemStablecoins—digital currencies pegged to tr... Read more
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more
Private Equity And Banks: The Complex Web Of Leverage
Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more
Financial Watchdog Highlights Unresolved Vulnerabilities In Shadow Banking Sector
The world’s leading financial stability watchdog has issued a warning about the unresolved vulnerabilities within the ... Read more