Ritesh Agarwal founded Oyo with the goal of becoming the world’s largest hotel chain. Despite facing challenges during the pandemic, Oyo has bounced back strongly in the hotel industry. Its vacation rental subsidiary in Europe has also performed well.
During the recent Skift India Summit 2024, Agarwal spoke with Skift CEO and founder Rafat Ali on a variety of topics, including India’s thriving economy, Oyo’s expanding portfolio, and personal experiences from the past year. You can watch the full interview below.
OYO’s Post-Covid Journey
Agarwal: Reflecting on the last few years, I am pleased with where we are today. The challenges of the last few years have had a significant impact on me. During Covid, there were doubts about Oyo’s future, but that period allowed us to focus on our strengths and build a stronger foundation for the future. We have now achieved profits and sustainable cash flows, positioning us well for future challenges.
Our ambition remains strong, evolving towards continuous improvement each day. We aim to be better than we were the day before, emphasizing relative growth over absolute achievement.
Finding Balance in Business
Agarwal: Balancing various aspects of our business is crucial as we grow. We focus on delivering superior customer experiences, providing value to property owners, and ensuring profitability while maintaining high ratings and performance metrics. By setting specific thresholds for consumer ratings, revenue distribution, and EBITDA margins, we aim to drive sustainable growth while prioritizing quality and service.
