Posted: Sep 03, 2020
The COVID-19 pandemic will mean holiday-goers will shy away from larger hotels for the foreseeable future in favor of boutiques and home rentals, the CEO of India-based hospitality startup Oyo Hotels and Homes told Reuters.
"The COVID-19 pandemic will mean holiday-goers will shy away from larger hotels for the foreseeable future in favor of boutiques and home rentals," the CEO of India-based hospitality startup Oyo Hotels and Homes told Reuters.
Oyo, founded by Agarwal in 2013 when he was 18, allows guests to book hotels through its mobile app and also franchises its brand and offers standardized amenities at hotels on its network.
The company has upwards of $1 billion in cash in the bank and Agarwal said COVID-19 had not had an impact on any potential plans for an initial public offering (IPO).
"We did not have a timeline for going public earlier and don't have one now," said Agarwal. "We of course continue to keep a close eye on the market and get potential interest of potential capital raise, both private and non-private."
By Axel Threlfall , Joshua Franklin , Reuters
Source and complete article by: livemint.com
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